As 2023 draws to a close, we look back at a year of economic and social uncertainty, which spilled into our housing market. Although the news sounds bleak, we finish the year with prices of all housing types staying fairly flat.
Interest rates remained unchanged at the Bank of Canada's last meeting and there is a glimmer of hope for the rates to decrease sometime next year.
An influx of listings continues to drive the supply and demand imbalance for the condo sector. Investors and owners who have mortgages coming up for renewal in 2024 may keep selling due to higher borrowing costs. If rates do indeed start to fall, I hope to see the buyer pool increase, helping the condo market stay as strong as possible.
The freehold housing market is still experiencing multiple offers (if homes are marketed properly) and I suspect this will carry on as the supply in Toronto is minimal.
Wishing everyone a terrific holiday season and all the best in 2024! - Andrew
