New Home Sales Declined Sharply in May

New home sales declined sharply in May

The Northeast and South were especially sluggish.

Toronto New-Home Sales At “Rock Bottom”, Worst Level Since 1991 Crash

Greater Toronto Area builders endured another bruising month in May, selling just 345 new homes—64% fewer than a year earlier and fully 87% below the 10-year May norm of 2,749 units. The shortfall extends an unprecedented eight-month stretch of record-low sales, eclipsing the six-month trough of the 1990-91 housing crash. High-rise product bore the heaviest damage: only 137 condominium apartments changed hands, a 74% year-over-year decline and 9…