Spring is officially here, yet Toronto’s real estate market remains in a deep slumber.

Sales activity in April 2025 was down 18% compared to April 2024—a month that was already underwhelming by historical standards. Year-over-year prices also declined. Even more concerning, however, is the month-over-month drop in average prices from March to April 2025. Typically, April prices see an uptick as the spring market gains momentum – a pattern that’s held for at least 15 years, with the sole exception being April 2020 during the early COVID-19 lockdowns.

We’re long past the pandemic, but this spring is anything but typical. Political and economic uncertainty—particularly stemming from unpredictable policies in the United States—continues to weigh heavily on consumer sentiment.

Historically, months of inventory (MOI) during spring hovers around two months. Today, the freehold market sits at over three months of inventory, while the condo market has surged to nearly seven months. Investors have pulled back, unwilling to buy until prices fall further to justify the numbers. At the same time, landlords are offloading units into a soft market as they struggle to navigate the backlog of cases at the Landlord and Tenant Board.

In Q3, 2024, Toronto’s real estate market was showing signs of a rebound. That changed following the arrival of the new U.S. administration. Since then, concern over the impact of escalating trade tensions has rattled consumer confidence.

So, what could revitalize the market? The recent easing of U.S.–China trade tensions could pave the way for renewed negotiations between the U.S. and Canada—still its largest trading partner. Encouragingly, the S&P Composite Index and TSX are now higher than where it started the year. As we noted in last month’s newsletter, affordability has improved significantly—up 15% in the detached home segment and 17% in condos since Q1 2024.

With a strong possibility of another interest rate cut on June 4, 2025, we may see cautious optimism return, prompting buyers to re-enter the market.

Shen Shoots the Breeze

A Seat At the Table Even When Feeling Like an Imposter

I’ll admit—it’s been a challenge to share updates that feel meaningful or relevant. Recently, I started working part-time with a start-up organization, and earlier this week, I had my first major introduction to their work. It came in the form of a 2-day conference where I met potential clients, board members, and partners.

As a middle-aged Asian professional, I’m often navigating a complex mix of internal narratives that challenge my sense of belonging. Some of these voices are cultural—reminding me to stay humble and not to showcase my abilities too much. Others are rooted in reality—many of the people in the room (fewer than 5% of whom were women) have decades+ of experience in a field where I have less than five years.

Despite this, I’m learning to lean into discomfort and treat these moments as growth opportunities. Along the way, I’m applying a few strategies that have helped me make the most of unfamiliar environments like this conference:

• Do my homework. Learn about the people I’m meeting. Look into their organizations and interests—these are often found in speaker bios or LinkedIn profiles. For example, I met someone from Newfoundland who’s passionate about curling, and we ended up talking at length about Team Gushue and along the way I learned more about his work and his methods.
• Set intentional goals. I aimed to connect with about one-third of the attendees—even if only to learn their names, roles, and affiliations. That small intention helped guide my interactions meaningfully.
• Define a personal outcome. In addition to networking, I set one goal for what I hoped to gain from the experience. (And yes, I tend to underplay goals a bit—it helps manage expectations.)
• Ask questions. I often opened with, “Why are you here, and what do you hope to get out of it?” These kinds of questions can spark surprisingly deep and insightful conversations.
• Develop a simple elevator pitch. I had a short, clear explanation of what I do and a conversational “hook” that can open up further dialogue.
• Know that I’m not the most interesting person in the room. Listening well can often be the most powerful thing I do in a room full of experience.

This has been a learning experience in many ways, and while I still have a long way to go, I’m encouraged by the progress and the people I’ve met along the way.