New construction home sales in the GTA plunged to a 23-year low in January, as prices dipped on both a year-over-year and a monthly basis with consumers still hesitating to buy amid higher borrowing costs.

As inventory levels rose slightly, the benchmark price of a single-family home — including detached, semi-detached and townhouses — fell 2.3 per cent below January 2022 to a benchmark price of $1.73 million. That was also down from December’s $1.75 million benchmark, the Building Industry and Land Development Association (BILD) reported on Thursday.

New-build condo prices also fell 2 per cent year over year to $1.12 million, a drop from the December benchmark of $1.13 million.

Sales of new construction houses and condos plunged 81 per cent below January 2022 levels and the 567 sales was 70 per cent below the 10-year average, said Altus Group, which tracks new construction sales and prices in the GTA.

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