Troubling headwinds persist in the Greater Toronto Area’s real estate market, as March home sales plummeted year over year by 23 per cent. Many households interested in buying a home are likely taking a wait-and-see approach given the economic implications of ongoing trade uncertainty and a federal election campaign. With more supply hitting the market in March, buyers have more negotiating power and choice. The average sales price for all property types was down 2.5 per cent year over year to $1.09 million. If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase. Home ownership has become more affordable over the past 12 months and further interest rate reductions are expected this spring. Recently, the federal government eliminated the Goods and Services Tax for first-time homebuyers on homes priced at or under $1 million which is a positive step toward addressing housing affordability challenges. Once consumers feel confident in the economy and their job security, home buying activity should improve.