Toronto home sales posted their first yearly gain in 6 mo during Late-Q1, but brokers said that uptick did not mean the market had recovered.
Sales ↑~2% yearly while new listings ↓~17% in Late-Q1. Prices kept sliding, and brokers said buyers were not rushing back.
One broker said buyers stayed on the fence as war-related uncertainty grew. Rising bond yields also meant fear about much higher mortgage rates.
Despite the yearly gain, sales were still ↓~28% from Late-Q1 2023. The broker said that suggested no real confidence shift on the ground.
He said some activity may have reflected sellers rushing to offload homes before prices fell further, rather than a genuine rebound in buyer demand.