The board said in its annual outlook it foresees the average selling price this year reaching $1,140,000, up from $1,038,668 in January.
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“The second half of 2023 should be characterized by an increase in demand for ownership housing, supported by lower fixed mortgage rates, a relatively resilient labour market and record immigration.”Article content But in recent months, Bank of Canada governor Tiff Macklem has signalled that he is backing away from further hikes and will only return to the pattern if inflation doesn’t budge down to the central bank’s target of two per cent.Realtors say the signals and housing market conditions in recent months have left buyers torn between whether they should make a purchase because prices have declined or wait even longer in case they haven’t reached their bottom yet.
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