It’s a tale of two film festivals.

On one hand, as TIFF CEO Piers Handling predicted before the festival started, dealmaking in TIFF’s unofficial marketplace is quiet this year, by most accounts. Disappointing film performance out of Sundance, global economic jitters and a TIFF slate that is, by some accounts, a little short on pizzazz has put a chill on sales activity so far, industry sources are telling Playback.

“[It’s] been slow,” said one distributor. “They are saying a lot is happening but [we’re] not seeing it. Pre-sales seem to be happening – my feeling is they were already in place and are now using TIFF as a launch pad.”

“The market is really bad,” said another. “There’s not enough films here.”

Still another simply called it “soft.”

The lack of sought-after finished films on offer means more conversations are swirling around upcoming projects and future deals, one noted, indicating perhaps a busier AFM this year thanks to the late-summer sales lull.

On the other hand, by many accounts, it’s a “banner year” for Canadian film.

Toronto’s A71 Entertainment has already picked up the Canadian rights for Igor Drljaca’s The Waiting Room, D Films picked up domestic rights to Sleeping Giant (Seville International is handling global sales) and Marina Cordoni of Marina Cordoni Entertainment is reporting a positive response from U.S. and international distributors so far for Adam Garnet Jones’ Fire Song, for which she is sales agent.

On the audience side, No Trace Camping’s Canada-Ireland coproduction Room (pictured) is one of the buzzier films of the festival and quieter low-budget indies like Sleeping Giant and River are booking sold-out screenings. (Shorts programs, too, are selling out.) The audience demand for Canadian films at TIFF 2015 is unlike anything they’ve ever seen, one distributor noted.

Cordoni says, from a sales and financing perspective, she’s feeling “very positive” about the festival so far and the conversations she’s having about the projects on her slate. “The reality of the marketplace is that there’s a lot of content. It is incredibly competitive. Instead of focusing on what we aren’t getting, I’m focusing on what we can get. Marrying a good minimum guarantee with a good distributor. That’s what I’m focused on. The fact that, ‘oh, they’re not paying as much as they used to’ – I have no control over that.”

What she does have control over, she says, is managing filmmakers’ expectations. And she’s doing a lot of that. “What I try to do make sure that the filmmakers are informed: here’s why this is happening. Here’s the psychology of what’s happening in the market place. Yes, the market is down. Of course it is. The economy is down! My personal business attitude is to look keep my eye on the objective, which is marrying a good MG with an appropriate distributor.”

Credit: WireImage/Getty for TIFF