This time last year Toronto’s real estate market was the hottest it had ever been. Prices were skyrocketing but the interest rate hikes were soon to come.
It’s no surprise that the year-over-year numbers paint a bleak picture of a double-digit price recession. There was a correction in every sector and location of the market. That being said, those days are coming to an end.
Over the past few weeks there has been a noticeable shift. Buyers are back and ready to buy. Sellers are taking notice and starting to list. The next few months will be very active!
I suspect prices will start to slowly climb again as people adjust to the 'new norm' of higher interest rates but that will depend mostly on supply vs demand. - Andrew
