New home sales in the Greater Toronto Area rose 16% in February to 531 units but remain 76% below the 10-year average of 2,250 units. Despite the slow market, sales are expected to increase due to reduced sales tax, high inventory, and lower prices. Inventory stood at 20,291 units, including 14,291 condos and 6,000 single-family homes. The benchmark price for new condos was $1,022,063.
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