April home sales followed the regular seasonal trend with an increase relative to March. However, total residential transactions in the Greater Toronto Area (GTA) were down compared to the same time last year, as potential buyers continue to wait for lower borrowing costs and for certainty about the trajectory of the economy.

Prime minister Mark Carney has unveiled a sweeping set of reforms aimed at addressing Canada’s deepening housing crisis, including further limits on immigration and major investment in housing development.

Some of the lowest fixed mortgage rates have vanished in recent weeks, and lenders are quietly tightening up their variable-rate discounts too.