Greater Toronto residential real estate sales slumped compared to the previous month, according to seasonally adjusted data from the Toronto Regional Real Estate Board. The 29 per cent drop brings sales in the region to their lowest level since the 2008 financial crisis, excluding the COVID-19 pandemic, National Bank economist Daren King said in a note. (The Logic)

Talking point: Just two months ago, economists were predicting a strong year for the housing market, further rate cuts and growth following a successful fight against inflation. A trade war with the U.S. has changed all that. “The threat of American tariffs has weighed on the housing market in Toronto, with potential buyers waiting for less uncertainty before acting,” King wrote, noting a deteriorating labour market will likely at least partially cancel out the effect of rate cuts and the expansion of 30-year mortgages. The price of an average home in the Greater Toronto Area also fell to $1.08 million, down two per cent compared to February 2024.