A new housing forecast report projects home prices decreasing for most units in the Greater Toronto Area (GTA) by the end of 2023.
, and the real estate company notes that as the Bank of Canada has started to “aggressively” raise interest rates, prices across several Canadian markets have been declining.
The median price for detached homes is also expected to drop by 2.5 per cent to $1,329,413, while condo prices are set to increase by one per cent to just over $700,000. compared to October 2021, according to a recent report from Urbanation and Rentals.ca, with the average price across all units hovering around $2,820 per month.More people are expected to buy into the market next year, should interest rates stabilize by then; the biggest challenge for prospective homebuyers is the lack of supply.
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