The Greater Toronto Area's new home market experienced a significant downturn in 2024, with December sales reaching their lowest level in nearly 40 years, according to BILD data. Only 310 new homes were sold in December, a 46% decline from the previous year. Overall, new home sales for 2024 were down 47% year-over-year. Experts warn that worsening affordability and supply issues could lead to a future housing crisis, urging immediate government intervention to address high construction costs and municipal fees that hinder affordable housing development.
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