After an “all time low” month for GTA new home sales in July, sales fell to new depths in August, posting a mere 464 transactions — a new”historical low,” according to the Building Industry and Land Development Association (BILD).

“August’s new home sales data paints a stark picture of a housing market that is struggling with deep structural issues that have made the cost to build too high,” says Justin Sherwood, SVP Communications & Stakeholder Relations at BILD. “A key component of those costs are the excessively high government taxes and fees, which add, on average, $355,000 to the cost of an average single family new home in the GTA.”