Toronto real estate was definitely one of the hottest topics in 2022 with a major housing correction hitting the market in the spring, resulting in plummeting home sales and prices.
But after a year of consistent interest rate hikes by the Bank of Canada and limited housing stock across the nation, 2023 is set to be a different market story that is leaving many homeowners, prospective buyers and renters wondering what’s to come.
“I think just based on the pace of life and obviously pace of growth in the market, you'll certainly see more activity in 2023,” he said. RE/MAX Realtron Realty Broker Cameron Forbes says the interest rate hikes mixed with rising unemployment due to an economic slowdown will persist in 2023, further levelling out the market.
“We're seeing a stabilization of price. We're definitely seeing a lower level of activity, but we're also seeing a relatively lower level of new listings,” he said. “The city of Toronto and the surrounding regions have seen some of the steepest price declines in the country since interest rates began climbing earlier this year,” Karen Yolevski, Royal LePage chief operating officer said in the company’s 2023
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