09:01 AM EDT, 04/04/2025 (MT Newswires) -- Toronto home sales fell 23% from year-ago levels in March, the worst level of activity for that month since 1998, noted Bank of Montreal (BMO).

The bank granted that the weather was still poor even by March's standards, but demand was clearly still being held back by various factors: weakened consumer confidence amid the trade war; still-tough affordability; and next to no investor demand.

With new listings rising 29% from a year ago, the market balance deteriorated further, stated BMO. The

seasonally-adjusted sales-to-new listings ratio now looks to be running at the lowest level since 1990.

As a result, price momentum continued to weaken, with the MLS HPI down 3.8% year over year. The condo market is clearly swamped with more supply, and prices there are down 4.8% in the past year.