Toronto and Vancouver's housing markets remain notably weak this month, with both cities continuing to see subdued sales and hesitant buyer activity. What stands out isn't just the slowdown itself, but how comfortable many buyers seem staying on the sidelines.

In this month's Real Estate Roundtable, John Pasalis, Steve Saretsky, and David Larock unpack the factors reinforcing that caution. Rising interest rates, combined with ongoing geopolitical risks, are giving buyers plenty of justification to wait. Even those who are financially capable of purchasing are choosing patience, contributing to markets that feel stuck rather than competitive.

We also take a closer look at the federal government's HST cut on new housing and what it actually means in practice. While the policy may support new housing starts at the margins, its more immediate impact could be on developers holding completed but unsold units. The change makes it easier for builders to sell these units to institutional investors at discounted prices, or to rent them out without triggering the same tax consequences they would have faced before.

Overall, the discussion highlights a market that isn't just slow, but structurally constrained, where policy changes may ease pressure for developers without necessarily improving affordability or bringing buyers back into the market in the near term.