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n the midst of a chaotic spring, Toronto's real estate market has frozen over like a block of ice. The threat of tariffs and trade wars has sent sales plummeting, with the Greater Toronto Area and surrounding parts of Ontario bearing the brunt of the impact. According to data from the Canadian Real Estate Association, national home sales dropped 9.8% in February compared to January, while new listings fell by 12.7%.

    For real estate agents like Alex Beauregard, this has been a challenging time. "It's like a complete reversal," he says of the sudden shift in market sentiment. Just weeks ago, his clients were vying for properties with multiple offers, but now even the most promising listings are struggling to attract buyers.

    The uncertainty surrounding tariffs and trade wars is taking its toll on confidence in the housing market. Leslie Preston, a senior economist at Toronto-Dominion Bank, notes that Ontario's market has tipped further in favour of buyers, making it an even more challenging time for sellers. The Canadian average home price dipped 4.6% in February from January, and Ms. Preston believes that the Bank of Canada's recent interest rate cut may help cushion demand.

    Despite the gloomy outlook, some agents are seeing signs of life in the market. Patrick Rocca, a broker with Bosley Real Estate, reports that he has signed up three new listings in one week and has another two in the works. He believes that sellers who list their properties soon may be better off than those who wait until the fall.

    However, even as some agents are cautiously optimistic, others are warning of a delayed spring market. Matthew Regan, a broker with Re/Max Escarpment Realty, notes that people are quick to hit the brakes when disturbing news abounds, and many consumers are delaying their plans to buy or sell properties.

    In this uncertain landscape, buyers and sellers alike are being forced to adapt. Some are taking advantage of the decrease in rival buyers to negotiate deals, while others are pulling their listings and leasing their properties instead. As one agent notes, "It's fear-based" – a sentiment that is likely to continue until the trade war uncertainty subsides.