GTA new-home sales rebound, but high-rise sales hit September record low

New-home sales in the Greater Toronto Area rose sharply from a year earlier in September, but the gain came almost entirely from houses and townhouses: only 129 high-rise units sold, the lowest total for a September on record, the Building Industry and Land Development Association (BILD) and Altus Group said Oct. 22.

Builders sold 949 new homes across the region in September, up significantly from September 2025 but still 52 per cent below the 10-year September average of 1,978, according to the BILD release. Low-rise homes, which BILD defines as detached, linked and semi-detached houses and townhouses, accounted for 820 of those sales, or 17 per cent above the 10-year average. Storeys reported that it was the sixth straight month low-rise sales have beaten the 10-year average, a run that covers every month since the HST rebate program for new homes launched.

High-rise sales fall to 90 per cent below average

The high-rise figure, which BILD says also counts medium-rise units and stacked townhouses, was down 40 per cent from a year earlier and 90 per cent below the 10-year average for September, the association said. Justin Sherwood, BILD’s chief operating officer, said the high-rise sector is struggling to reap the same benefits of the HST rebate program as low-rise and called the numbers a “wake-up call.”

Edward Jegg, research manager at Altus Group, said the high-rise segment is “plagued by undesirable inventory and program constraints centred on unattainable construction timelines,” according to Storeys’ summary of the release. Jegg also said elevated sales continued to be driven by the low-rise sector. Storeys reported that BILD and Altus point to the rebate’s construction-start and completion-date rules as the main obstacle for high-rise projects.

What the inventory numbers show

Remaining inventory stood at 19,957 units in September: 7,048 low-rise homes, about 11 months of supply, and 12,909 high-rise units, about 49 months of supply based on the past 12 months of sales, BILD said.

Comparing those figures with BILD’s September 2025 release, which reported 21,749 units in total, the overall inventory is down about eight per cent from a year ago. The mix has shifted, though. Low-rise inventory rose to 7,048 from 5,874, an increase of about 20 per cent, while high-rise inventory fell to 12,909 from 15,875, a drop of about 19 per cent. That comparison comes with a caution: the 2025 release labelled its categories as condominium apartments and single-family homes, and BILD’s 2026 high-rise and low-rise groupings are defined differently, so the year-over-year inventory changes are approximate.

Prices: houses down, condos flat

The benchmark price for a new low-rise home was $1,246,764 in September, down 13.3 per cent over 12 months, while the high-rise benchmark was $1,031,574, unchanged from a year earlier, BILD said. Both figures are gross prices, before any HST rebate. The 2025 release put the low-rise benchmark at $1,437,447 and the high-rise benchmark at $1,033,317, which is consistent with the stated changes.

The gap between the two benchmarks is now $215,190, by this publication’s calculation from BILD’s figures. A year ago, using BILD’s 2025 numbers, it was $404,130. In practical terms, the price correction has been concentrated in the low-rise market, which is also where the buyers are returning.

A lower-priced market outside the core

Simcoe County, which BILD tracks as part of its region, recorded 73 low-rise sales at a weighted average price of $998,787 and no high-rise sales in September, the release said. Storeys also reported that more than half of September’s low-rise sales were semi-detached homes and townhouses.

BILD has said the sector needs changes to the HST rebate rules if high-rise projects are to benefit. Whether Ottawa and Queen’s Park adjust the timeline requirements is not addressed in the release.

Sources: BILD release, Oct. 22, 2026; Storeys; BILD release, Oct. 28, 2025.