The average home price for the year is expected to reach $1,140,000, the Toronto Regional Real Estate Board (TRREB) said in its annual forecast released on Friday
. That is higher than January’s average price of $1,038,668 but 4 per cent lower than last year’s average.The real estate board cited a poll conducted for TRREB by Ipsos that looked at buyer intentions. That poll found that a higher share of would-be buyers were considering buying property this year compared to the previous year’s survey. As well, a slightly higher percentage of homeowners planned to put their homes up for sale.
TRREB predicted that activity would remain slow in the first half of the year due to relatively high mortgage rates, which have made it too expensive for some buyers. But TRREB expects fixed-mortgage products – where the interest cost remains the same for the term of the loan – to start declining this year.
“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,” said the board’s chief market analyst Jason Mercer in a press release.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toronto restaurant forgoes wages to help Turkish earthquake relief effort - Toronto | Globalnews.caA Toronto restaurant owner and his staff are forgoing their pay for a week to help with relief efforts in earthquake-ravaged Turkey.
Read more »
ANC Podcast: Feb. 10, 2023 | Jason Campbell tees up Toronto auto showCanadian International AutoShow General Manager Jason Campbell tees up the exhibit’s first live event since 2020. He explains the challenges the show overcame, talks about which automakers will be on hand, and what to expect.
Read more »
Siakam, Barnes ignoring trade deadline speculation as Raptors could be sellersAfter seven seasons with the Toronto Raptors, Pascal Siakam is over trade deadline speculation. 'I’m at a point in my career where it really doesn’t matter.”
Read more »