Toronto's Housing Market Is Still on The Floor, Says BMO

Toronto's housing market did a whole "lotta nothing" in March, awaiting any sign of spring, said Bank of Montreal (BMO).Sales were up 1.7% from a year ago, still reflecting some of the weakest sales volumes for March since the 1990s, noted the bank.With the market balance still leaning toward buyers, prices continued to drift lower in the month. The benchmark price was down 7.4% from a year ago, and now 26% below thelofty early-2022 highs.Be it the new home market or the resale market, it's hard to get much quieter than this, stated BMO. As such, there's scope for some volume improvement whenever spring does actually arrive.However, Toronto is still some time away from any "noteworthy" turn higher in prices, added the bank.

-- Toronto's housing market did a whole "lotta nothing" in March, awaiting any sign of spring, said Bank of Montreal (BMO).

Sales were up 1.7% from a year ago, still reflecting some of the weakest sales volumes for March since the 1990s, noted the bank.

With the market balance still leaning toward buyers, prices continued to drift lower in the month. The benchmark price was down 7.4% from a year ago, and now 26% below the

lofty early-2022 highs.

Be it the new home market or the resale market, it's hard to get much quieter than this, stated BMO. As such, there's scope for some volume improvement whenever spring does actually arrive.

However, Toronto is still some time away from any "noteworthy" turn higher in prices, added the bank.