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 slow in the first half of the year owing to relatively high mortgage rates, it predicts that rates of fixed-mortgage products will start falling this year, which will increase demand for housing.
Lastly, the Canadian labour market has remained relatively healthy, adding 150,000 jobs in January, and given that Canada plans to take in another record number of immigrants, will definitely put pressure for more housing, translating into higher prices and sales.
Therefore, before the market gets too hot, would-be-buyers should act now to realize a dream home reality, before it becomes too late.
Working With a Trusted Real Estate Agent
Thinking of buying a home? With 15 years of experience, Sue Heddle Homes has what it takes to help you find your ideal home and location. From sharing key information about specific areas to knowing how to negotiate the best price, Sue is the only experienced realtor you need. If you’re thinking of starting your home search, give us a call at 416-906-7998 and let’s talk.