The Toronto Regional Real Estate Board expects the average price of a home to edge upwards as 2023 progresses but end on a lower note than last year as buyers get off the market's sidelines and make long-awaited purchases again.
The Ontario board said in its annual outlook released Friday that it foresees the average selling price this year reaching $1,140,000, up from $1,038,668 in January.
"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." 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.
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