New high-rise sales in the GTA hit record low for September, while low-rise new home sales outperform
Toronto, Oct. 22, 2026 (GLOBE NEWSWIRE) -- As low-rise new home sales in the Greater Toronto Area (GTA) surpassed its 10-year average for a sixth consecutive month, high-rise sales hit a record low with just 129 new units sold in September, the Building Industry and Land Development Association (BILD) said today. The low-rise sector has responded positively to the HST rebate program, but rules around construction start and completion dates have hindered the high-rise sector from fully participating and reaping the same benefits of the program.
There was a total of 949 new home sales in September, up significantly from September 2025 but 52 per cent below the 10-year average, according to Altus Group*, BILD’s official source for new home market intelligence. Historically, total new home sales for a typical September in the GTA would be 1,978 units based on the previous 10-year average.
“GTA new home sales in September retained the momentum that has been generated by the HST rebate program,” said Edward Jegg, Research Manager at Altus Group. “Elevated sales continued to be driven by the low-rise sector which has outpaced the 10-year average each of the six months since the program’s inception. But the high-rise sector remained plagued by undesirable inventory and program constraints centred on unattainable construction timelines.”
New high-rise homes, including units in low, medium, and high-rise buildings and stacked townhouses, accounted for 129 units sold in the GTA in September – representing a record low for high-rise sales in the month of September. This was a 40 per cent decrease from September 2025 and 90 per cent below the 10-year average.
There were 820 low-rise new home sales in the GTA in September, a significant year-over-year increase and 17 per cent above the 10-year average. Low-rise homes include detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses).
Total new home remaining inventory in the GTA moved higher with 19,957 units for September as builders responded to increased low-rise sales levels with a steady flow of new product. Low-rise inventory increased to 7,048 low-rise dwellings, representing 11 months of inventory. High-rise inventory inched higher to 12,909 apartment units or approximately 49 months of inventory, based on average sales for the last 12 months.
“Over the last six months, a tale of two housing market responses has emerged in the GTA,” said Justin Sherwood, Chief Operating Officer at BILD. “In the low-rise market, we have seen a positive response to the HST rebate program with increased sales activity and greater interest in semi-detached homes and townhouses. More than half of September’s sales were in semis and townhomes, representing a shift from traditional levels. On the other hand, the high-rise sector is struggling to reap the same benefits of the HST rebate program due to how the program is structured and tight timelines around construction start and completion dates. As a result of high-rises being unable to participate in the same way as the low-rise sector, the entire market cannot positively adjust. The high-rise sales performance in September should be a wake-up call that there needs to be further measures and a modification of the program rules to allow the high-rise sector to better participate in the program, which would enable homebuyers in every segment of the housing market to benefit.”
The benchmark price for new high-rise units in September in the GTA was $1,031,574, remaining unchanged compared to last year. The benchmark price for new low-rise homes was $1,246,764, which was down 13.3 per cent over the last 12 months. These are gross prices, not reflective of any HST rebate, in order to facilitate a like-on-like comparison with previous years. Purchasers who qualify for an HST rebate would realize additional benefit from this rebate.
In Simcoe County in September, there were 73 low-rise new home sales and no high-rise sales, with the weighted average price of the low-rise new homes in Simcoe County at $998,787.
With more than 1,000 member companies, BILD is the voice of the home building, residential and non-residential land development and professional renovation industries in the Greater Toronto Area. The building and renovation industry provides 256,000 jobs in the region and $39.3 billion in investment value. BILD is affiliated with the Ontario and Canadian Home Builders’ Associations.
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*Altus Group should be credited as BILD’s official source of new home market intelligence.
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Nadine Habib Building Industry and Land Development Association (BILD) 416-617-7994 nhabib@bildgta.ca
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