Toronto home prices are expected to plummet by more than $140K in 2023 Toronto RealEstate
The decline follows an 11 per cent increase from 2021 to 2022.
The report lays out several key trends that will impact the GTA housing market in 2023, including risingand associated price adjustments, higher unemployment due to an economic slowdown, and improved affordability. Rising interest rates, in particular, will be a"dominant theme" in 2023, with a slower market expected for buyers and sellers alike. First-time buyers will be heavily impacted, and many may choose to pause their search due to a lack of affordability.
Rising rates may also delay new construction projects in the GTA as the gap between market prices and construction costs widens.that average residential sale prices will fall by 3.3 per cent in 2023.
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