Experts say Toronto's housing prices will likely climb even more in 2023

Experts say Toronto's housing prices will likely climb even more in 2023 Toronto TorontoRealEstate RealEstate

, but anyone hoping for a price correction in Toronto's red-hot housing market probably shouldn't hold their breath., the housing market in Ontario — as well as much of the rest of the country — has experienced a decline due to the impacts of rising interest rates, and several markets in the province are already witnessing a reduction in the number of units sold.

And while RE/MAX experts suggest that"apart from Oakville and Muskoka, average residential sale prices in Ontario are likely to remain steady or decrease between two to 10 per cent in the fall months," the same forecast predicts"the Greater Toronto housing market is expected to regain balance in 2023, albeit with low inventory continuing to place upward pressure on prices."

This sustained demand, while great for the real estate industry, translates to an expected two per cent increase in residential sale prices this fall.

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