‘Still on the sidelines’: Sales of new GTA homes and condos continue to slide

Sales of new GTA homes and condos continued to fall year-over-year in March, according to new numbers released Monday by the Building Industry and Land Development Association (BILD). “In March, the pause that we had been seeing in new home sales continued, sales were down significantly from a year ago, inventory has remained tight,” Wilkes added. There were just 384 sales of new single-family homes in the region, down a whopping 57 per cent from last March, and 893 new condo sales, down 73 per cent. The Bank of Canada’s eight interest rate hikes in a row after historic lows, “did dampen demand,” Wilkes said. The current rules only allow single-family homes in a large swaths of the city.