, here's one more for you: sales stats for new homes have just hit a historic low. And yeah, it's The Building Industry and Land Development Association , which represents stakeholders in the GTA's new home sector, has once again releasedthat paint a worsening portrait of withering activity in what used to be a perennially lucrative market, especially for investors.
BILD says the number of active listings was slightly down in August versus July, but still at a whopping 21,296 homes, 80 per cent of them condos.of exorbitant municipal development fees, inflated material and labour costs, and more on top of sales that started falling off a cliff some months ago. "August's new home sales data paints a stark picture of a housing market that is struggling with deep structural issues that have made the cost to build too high," it adds, saying that "the crisis is real and will be reflected in the next several years by fewer jobs, fewer new homes and compounded affordability challenges."