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 the price stability we've found towards the end of 2022 will carry through to 2023. I think rental rates clearly will remain at an elevated pace. And I think if we see an increase in demand as people come back into the market, I think that could provide a favourable direction to price at some point in the market,” he added.
Crigger agrees that there are more signs of stability in the marketplace that will carry on into the beginning of the new year. Meanwhile, Royal LePage is forecasting a more modest two per cent year-over-year decrease with the average price of a home in the fourth quarter of 2023 hitting $1,056,734.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Investors were underweight gold in 2022, don't make the same mistake in 2023 - Frank Holmes(Kitco News) - Investors will soon be closing the book on 2022, and it has been an unprecedented year, to say the least.
Read more »
The 5 most breathtaking new buildings unveiled for Toronto in 2022The high-flying Toronto real estate market experienced its fair share of turbulence in 2022, but you'd hardly be able to guess based on the never-e...
Read more »
Toronto Life’s top Real Weddings of 2022A multi-day bash on a private island in Muskoka, a French-themed wedding at a coffee bar, and more. Our top real weddings of 2022:
Read more »
Toronto Life’s top longreads of 2022Our top longreads of 2022, from romance scammers and crypto kings to disgraced doctors and feuding billionaire brothers
Read more »
Ten Toronto chefs on the best dishes they ate in 2022From multi-course tasting menus to decadent desserts and simple-is-best slices of pizza, these are the dishes Toronto chefs are still thinking about
Read more »