New home sales in the Greater Toronto Area showed marginal improvement in February 2026, though activity continued to track well below historical norms, according to the newest from the Building Industry and Land Development Association (BILD).
There were 531 new homes sold across the GTA last month, up 16% from February 2025 but still 76% below the 10-year average of 2,251 units for the month, based on data from Altus Group, BILD's official source for new home market intelligence.
"New home sales in February 2026 continued to fall well short of historic norms with only a modest increase from the previous year's record low for the month," said Edward Jegg, Research Manager at Altus Group. "A stable interest rate environment coupled with elevated inventory levels present potential buyers with plenty of opportunity to buy a new home. However, persistent concerns around affordability and geopolitical tensions continue to weigh on buyers' minds."
Condominium apartment sales — encompassing units in low-, medium-, and high-rise buildings and stacked townhouses — totalled 171 units in February, down 2% year-over-year and 88% below the 10-year average. Single-family homes, which include detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 360 sales, up 27% from the same month last year but still 57% below the long-term norm.
Total remaining new home inventory in the GTA held relatively steady month-over-month, at 20,291 units in February. That figure breaks down to 14,291 condominium apartment units and 6,000 single-family dwellings, representing a combined 27 months of supply based on average sales over the previous 12 months.
Despite the prolonged sales slump, BILD is pointing to a convergence of factors it says positions the market for a more meaningful recovery in the months ahead. At the centre of that outlook is the recently announced temporary elimination and reduction of the HST on new homes — a joint measure introduced last week by the Province and the Fed.
"With the temporary harmonized sales tax cut announced last week by the Ontario and federal government for all new home buyers, now is truly the best time in a decade for those looking to buy a new home to get into the market," said Justin Sherwood, Chief Operating Officer at BILD. "The suspension of the harmonized sales tax on new homes under $1 million and further HST reductions on homes from $1 million to $1.85 million, combined with housing prices having moderated over 20% on average since 2022, and unparalleled product choice due to high inventory level — homebuyers have a historic opportunity to enter the market. Now really is the time for those wishing to buy a new home to take advantage of current market conditions and the time-bound tax relief."
On the pricing front, the benchmark price for new condominium apartments in the GTA held at $1,022,063 in February, remaining at what BILD has characterized as an apparent price floor. The benchmark price for new single-family homes stood at $1,423,219, down 7.4% over the past 12 months.
In Simcoe County, February recorded 34 new single-family home sales and one condominium apartment sale. The weighted average price of new single-family homes in the county was $1,153,653.
