HST rebate helps boost single-family home sales in Toronto, but new condo sales remain sluggish

In the Toronto region, single-family home sales rose due to the new HST rebate, reaching 830 units in May, 26% above the 10-year average. Conversely, new condo sales remain low at 193 units, an 89% drop from the decade average, hindered by buyer uncertainty over the HST rebate and high prices compared to resale condos. Inventory is high, with over 18,700 unsold new homes, mostly condos. Large investors plan bulk purchases to convert units into rentals, aiming for future profits. Buyers must act by March 2027 to benefit from the rebate.