2022 proved to be a roller coaster year for Toronto real estate! Borrowing costs rose and inventory dwindled. At the end of December, the average price of every home type was down just less than 10% from the previous year though.
Now the government has introduced a law which will ban foreign buyers from purchasing real estate in Canada. We've yet to see the impact of this new regulation but my impression is that it won't affect things too much, if at all.
I suspect the spring market will be quiet, with buyers and sellers waiting to hear about any further rate changes and financial news. There are some terrific buys out there, and if priced and marketed well, homes are still selling. All this should make for a very interesting 2023! - Andrew
