The recent deep freeze mirrored Toronto’s January real estate market. Transactions declined 23% year-over-year, with prices softening across all segments. New listings also decreased, as properties remained unsold and many prospective sellers chose to wait for the spring market in hopes of improved conditions.

With the sales-to-new-listings ratio at 24% for condominiums and 32% for freeholds, the market is firmly in buyer’s territory. Buyers currently benefit from ample choice, with approximately 7.5 months of inventory in the condo segment and 5 months in the freehold market.

Economic uncertainty continues to weigh on consumer confidence—and by extension, housing activity. For the first time in over a decade, recent Ipsos polling suggests Canadians are as concerned about the economy as they are about healthcare. Questions surrounding the U.S.–Canada relationship, the impact of artificial intelligence on employment, inflation (and potential deflation), and broader global instability are all contributing to a cautious mindset.

That said, there are meaningful silver linings. Affordability is at its most favourable level since before the pandemic. Five-year fixed mortgage rates are now available below 4%, compared to approximately 5.5% in 2023, while average home prices have declined roughly 24% from their 2022 peak. At the same time, many new construction projects have been delayed or cancelled, which constrains future supply—a dynamic that historically supports price stability and growth. Equity markets remain near record highs, further suggesting that the underlying conditions for recovery are in place.

Total sales in 2025 reached 23,270—19% below the 2021–2025 average and 32% below the 2016–2020 average. These historically low volumes indicate that a significant number of buyers remain on the sidelines, waiting for greater clarity.

First-time buyers are attempting to time the market bottom. Move-up and downsizing clients are hesitant to purchase without securing a firm sale on their current home, given the uncertainty around pricing and timing. Investors, meanwhile, are waiting for improved financial metrics and for backlogs at the Landlord and Tenant Board to ease.

While confidence remains subdued, there are credible reasons for cautious optimism. Should economic clarity improve, we could see a more robust spring market than in recent years. After all, the market cannot remain on pause indefinitely.

Shen Shoots The Breeze
I married into a family of skiers. It’s not my favourite sport, but I do enjoy getting outside and feeling the wind on my face (as long as it’s warmer than -10°C). Over the past several years, I’ve found it hard — and honestly a bit scary — to move from the easy slopes to more challenging intermediate runs. Dave has spent most of our ski trips being the supportive husband, sticking to the gentle runs with me. I’ve wanted to improve my skills, and last year I took a couple of private lessons to build my confidence.

Over dinner one night, Dave’s brother and nephew mentioned that joining a ski club might be the best way to improve. They were taking lessons themselves through the North Toronto Ski Club. If you’re new to skiing — or you’ve been at it for years and know there’s room to grow — it’s worth considering.

When I first thought about joining, I wasn’t looking for anything intense. I simply wanted to feel more confident on the slopes and actually enjoy my ski days instead of just surviving them. The biggest benefit for me has been structured improvement. The club offers organized trips and lessons that push me just enough outside my comfort zone. Skiing alongside stronger skiers has elevated my technique much faster than going solo ever could. And if you’re brand new, it’s even better. Beginners are even divided into three groups — from “I’ve never been on a chairlift before” to “I can get down the hill, just very slowly.”

If you’re looking to explore new terrain, the club also organizes trips to a number of private ski clubs in Ontario and other ski resorts in BC, Alberta, and even Japan. (One important note: if you want to travel with friends, everyone needs to be a club member.) There’s something incredibly motivating about being part of a community. Instead of debating whether to book a trip, the plans are already in motion. I just show up, clip in, and ski. No logistics stress. No guesswork.

And then there’s the social side. I’ll admit I haven’t joined any of the après-ski activities yet, but the club organizes pub nights, Halloween events, Christmas outings, and more — another opportunity to get out of the house and try something new. If you’re curious about skiing, hesitant to start, or serious about improving, I can honestly say this: being part of the North Toronto Ski Club makes the ski journey better, faster, and much more economical.

Note: you are not able to join this season as they are now full but sign up for their newsletter to get notices for the 2026-27 season