According to the latest Toronto Regional Real Estate Board (TRREB) annual forecast the Ontario housing market is making a comeback!
A rebound is expected by the latter half of 2023, with an increase in home prices and sales after months of declines.
What does this mean for potential buyers and sellers?
The following are the key takeaways of what to expect going forward:
1. The average home price for the year is expected to reach $1,140,000, which is higher than January's average price of $1,038,668 ( albeit still 4% lower than last year's average).
2. The board forecasts 70,000 sales this year. Still 7% fewer than last year, however, all indicators are predicting it will stabilize and will continue to increase into next year.
3. TRREB cites an Ipsos poll showing that more would-be buyers are considering buying a property this year than last year, and a slightly higher percentage of homeowners planning to put their homes up for sale.
4. Even though TRREB expects activity to remain...