It's caused home sales numbers to tank to record lows, listing volumes to skyrocket to record highs, and available homes to sit up for sale for far longer. July's sales stats were 89 per cent below the 10-year average for new condos, and 60 per cent under the 10-year average for single-family homes. "The protracted nature of this market has now surpassed the severe downturn in new home sales during the early 1990s," BILD writes. "We need concerted action to address the crisis that is stalling out new supply and compounding the challenges in the GTA housing market." This new real estate environment continues to buck the long-held belief that real estate in and around the city is a good investment, one that is still perpetuated by the baby boomer generation and industry stakeholders who are hoping that the heyday will return.