GTA New-home Sales Plummet 60% Amid High Building Costs, Economic Uncertainty

New home sales in the Greater Toronto Area plunged 60% year-over-year in June, with only 510 units sold, far below the 10-year average. Condominium sales fell 67%, and single-family homes dropped 53%. High building costs, economic uncertainty, and taxes are key factors behind the slowdown. Inventory is at record levels, creating opportunities for buyers, while industry leaders call for tax rebates to boost demand.