The Globe and Mail reports in its Wednesday edition that sales of preconstruction homes have plummeted across the country, according to home builders. The Globe's Rachelle Younglai writes that builders say eliminating the 5-per-cent goods and services tax for newly built homes will entice some first-time buyers to make a purchase, but will not be enough to boost the overall condo market. The tax break provides up to $50,000 in GST rebates on newly built homes priced up to $1-million, while homes priced up to $1.5-million receive a partial GST break. In the Toronto region, preconstruction condo sales were 89 per cent lower than the 10-year average and in the Vancouver region, they were 74 per cent lower. Altus's Edward Jegg said many first-time buyers purchase resale homes, not preconstruction. Although the price of a preconstruction condo has dropped over the past few years, they are generally more expensive than those on the resale market. In the Greater Toronto Area, the average asking price for a preconstruction condo was $1,380 per square foot in the last quarter of 2025. That means a 600-square-foot condo would cost about $828,000. In comparison, the average price of a resale condo in the GTA was $652,945.