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Based on statistics from RealNet Canada Inc., the 1,242 homes sold in in August were off from 3,496 a year earlier and the lowest figure for monthly sales since 2009. Through eight months there have been 24,301 new home sales which is down from 30,412 for the same period a year earlier.

The decline is being felt in both high-rise and low-rise sales. High-rise sales, buoyed by the city’s booming condominium market, may finally be slowing. August high-rise sales in the Greater Toronto Area were 645, down from 1,967 a year.

BILD warned any slowdown will have major ramifications for the economy as a whole.

“Confidence in the new homes market is crucial to a healthy economy in the GTA,” said Paul Golini Jr., chair of the group. “This industry employs more than 193,000 people, making it one of the largest contributors to economic growth in Ontario.”

The group said other factors contributing to the slowdown were a lack of housing supply and choice for consumers which can be attributed the Ontario government’s demand for intensification.

“The new homes industry has seen pricing for low-rise homes limit choice in housing options and affordability for many homebuyers,” said the group in a release.

August sales show prices for low rise home rising while condo prices are shrinking. The RealNet New Home Price Index was $609,369 in August which is a 12.7% increase from a year earlier. For high-rises the index price is $436,460, a 4.8% drop from a year ago.