Higher borrowing costs was the overwhelming theme of 2023 which lead to the housing market being more unaffordable for buyers in Toronto. It also pushed many owners to consider selling prior to their mortgage renewal.
In the condo market, we saw a lot more inventory and fewer buyers which is one of the major factors that attributed to the overall 5% decline in the average price for a Toronto home in 2023.
As we look forward into 2024 there is a strong possibility that borrowing costs will start to decline, and that could surely bring buyers back into the market. That being said, it's tough to predict how many sellers will recognize this and list their homes. The supply vs demand in the city has never been more complex, with so many push and pull factors.
Speaking from my personal business, I've been approached by a number of new buyers, which was not the case in 2023. Last year was seller heavy but I sense that 2024 will be a stronger year for price growth. Just how much remains to be seen! - Andrew
