The Toronto Regional Real Estate Board has just released its anticipated and info packed 2023 Market Outlook & 2022 Year in Review Report... And we can expect some heightened activity in the GTA real estate market this year.

The report describes 2023 as a year punctuated by two halves: the first half will mimic the fall of 2022, with lingering impacts from higher borrowing costs and continuing economic uncertainty pushing down home prices and sales. The second half of the year will see an increase in demand for home buying with renewed upward pressure on home prices in the GTA supported by lower fixed mortgage rates, a relatively resilient labour market and record immigration. The more affordable market segments, including condominium apartments and townhouses, will likely lead the initial price recovery phase. The report also includes the latest Ipsos consumer polling results on buying and selling intentions. The polling found 28 per cent of respondents indicating that they would consider purchasing in the coming year, a good sign that buying intentions are coming back to the market. The number of first-time buyers as a share of likely homebuyers also increased, with the intending first time buyer share increasing to 46% compared to 39% in the previous poll For the full report, click HERE. Please reach out if you have any questions. My Buyer Consultation is a terrific way to begin the home buying process.

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