Experts weigh in on what to expect in Toronto's housing market in the coming year. RBC | REMAXca | Royal_LePage | BMO | realestate realestatenews Toronto housing housingmarket 2023
from RE/MAX released at the end of November warned of further price drops in the GTA next year, saying they could fall nearly 12% in 2023.
Royal Le Page, on the other hand, is calling for a more moderate decline in prices in the new year, forecasting a smaller 2% drop. But one of the biggest determinants of next year’s market still remains unknown: whether there will be more Bank of Canada rate hikes. Since March, the bank has implemented an aggressive rate hike schedule, taking the overnight lending rate from its historic low of 0.25% to its current rate of 4.25%.
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