Toronto home sales hit a record low in May 2025—worse than during the 2020 shutdown. Despite falling interest rates and slightly better affordability, buyers aren’t biting. Economic uncertainty is driving a deeper housing crash. Sales are tracking below 1990s levels, even with double the population. Months of inventory show stagnation across most segments. This isn’t a slow market—it’s a correction, and the long-term implications for Toronto real estate are serious.
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