Looking to buy a house this year? Here’s what real estate experts are expecting to see in the market - BNN Bloomberg

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From a possible drop in prices to a spotlight on condominiums, here are the trends that real estate experts are forecasting for the Canadian housing market this year.

John Pasalis, president and broker at Realosophy Realty Inc., said he thinks housing prices will continue to fall amid this high-rate environment.

The Canadian Real Estate Association reported home sales fell for the ninth straight time in November. “We're starting to see a flat lining in terms of prices and I think that trend is going to carry forward through the first half of 2023, give or take,” Mercer said in a phone interview on Tuesday.Some real estate experts are warning there could be a surge of homebuyers ready to jump into the market, as many individuals were sidelined over the past few years amid higher rates and elevated prices.

Mercer said a lot of these skill sets match up with the high demand for jobs in the Greater Toronto Area . “We see that flipping to a focus on condominiums in 2023 because they're more affordable, investors are able to achieve outsized-returns because of the sharp rise in in rental prices and because of immigration,” he explained.

 

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