Low-rise new home sales in GTA beat 10-year average for second consecutive month thanks to HST rebate
Toronto, June 22, 2026 (GLOBE NEWSWIRE) -- New home buyers in the Greater Toronto Area (GTA) continue to respond positively to the enhanced HST rebate program as low-rise new home sales outperformed its 10-year average for a second consecutive month in May, the Building Industry and Land Development Association (BILD) said today. The HST rebate program remains a historic buying opportunity for those looking to purchase a new home. However, in May the need for clarity on how rebates are administered contributed to some potential buyers delaying purchasing decisions.
There was a total of 1,023 new home sales in May, up significantly from the record May low of 2025 but 57 per cent below the 10-year average, according to Altus Group*, BILD’s official source for new home market intelligence. Historically, total new home sales for a typical May in the GTA would be 2,353 units based on the previous 10-year average.
“GTA new home sales in May continued to respond positively to the HST rebate program, led by the single-family sector which surpassed its 10-year average for the second consecutive month,” said Edward Jegg, Research Manager at Altus Group. “However, condominium apartment sales have not to date benefitted from the rebate program for two main reasons: much of the existing product is locked into legacy pricing with higher costs; and any new high-rise projects are unlikely to be able to meet the “substantially completed” requirement of the HST rebate program.”
Condominium apartments, including units in low, medium, and high-rise buildings and stacked townhouses, accounted for 193 units sold in the GTA in May, 89 per cent below the 10-year average.
There were 830 single-family home sales in the GTA in May, a significant year-over-year increase and 26 per cent above the 10-year average. Single-family homes include detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses).
Total new home remaining inventory in the GTA dipped below the 20,000 mark for the third time in 24 months with 18,763 units for May. This includes 13,138 condominium apartment units and 5,625 single-family dwellings. This represents a combined inventory level of 32 months, based on average sales for the last 12 months.
When sales increase after a prolonged period of very low sales, the months of inventory statistics should be viewed with caution as it is based on dividing present inventory by the average of the past 12 months of sales activity (which have been very low). We anticipate that as sales increase, the months of inventory statistics will decrease rapidly.
“It is encouraging to see the continuous positive momentum for low-rise new home sales in the GTA,” said Justin Sherwood, Chief Operating Officer at BILD. “While new single-family home sales surpassed the 10-year average for a second straight month, they did slightly decrease from the sales levels we saw in April 2026 – the first month that the HST rebate program was introduced. This decrease is largely due to potential new homebuyers still waiting on the sidelines for clarity on how the HST rebate will be administered. For the high-rise sector, condominiums continue to struggle with higher existing inventory, a price floor and very low new product launches (only one new condo project has launched in 2026). In addition, the HST rebate program eligibility requirements have defined start and completion dates for new housing projects that are too tight for most new high-rise condominium projects to meet, which is likely also impacting sales. Providing clarity on these details will ensure that the momentum experienced since April continues.”
The benchmark price for new condominium apartments in May in the GTA was $1,029,489, remaining at an apparent price floor. The benchmark price for new single-family homes was $1,427,543, which was down 5.2 per cent over the last 12 months. These are gross prices, not reflective of any HST rebate, in order to facilitate a like-on-like comparison with previous years. Purchasers who qualify for an HST rebate would realize additional benefit from this rebate.
In Simcoe County in May, there were 56 single-family new home sales and no condominium apartment sale, with the weighted average price of the single-family new homes in Simcoe County at $1,143,359.
With more than 1,000 member companies, BILD is the voice of the home building, residential and non-residential land development and professional renovation industries in the Greater Toronto Area. The building and renovation industry provides 256,000 jobs in the region and $39.3 billion in investment value. BILD is affiliated with the Ontario and Canadian Home Builders’ Associations.
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For additional information or to schedule an interview, contact Nadine Habib at nhabib@bildgta.ca (416-617-7994)
*Altus Group should be credited as BILD’s official source of new home market intelligence.
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Nadine Habib Building Industry and Land Development Association (BILD) 416-617-7994 nhabib@bildgta.ca
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