Even with a startling year-over-year decline in newly-constructed home sales and prices still going up, industry officials say they still expect a record year.

In Peel, there were 143 new home sales in July significantly fewer than the 288 sold a year ago.

Building Industry and Land Development Association (BILD) president and CEO Bryan Tuckey cautioned against reading too much into the dip in sales.

“One month does not a trend make,” he said, in a news release. “July is typically a slow month and many builders wait until fall to launch developments and bring product to market. Despite the dip in July we are on pace for a record year for new home purchases in the GTA.”

As of the end of July, 30,727 new homes had been purchased in the GTA, almost 2,000 more than at the same point last year and well above the 10 year average of 22,680. Multi-family condo apartments in high-rise and mid-rise buildings and stacked townhomes accounted for almost 80 per cent of 2017 year to date sales with 24,411 units sold.