But, even during this respite from the usual freneticism of the market, it will still run youfor the typical home in the GTA at present — and the experts don't expect this to drop much lower, even if the economy completely tanks.
Unfortunately, their outlook isn't promising for anyone still holding onto the dream of securing a place of their own in the nation's largest city, no matter what lies on the horizon as far as interest rate hikes or economic collapse. Though they project that in this situation, home values could fall as much as $340,000 from the July 2023 average, this would come alongside widespread job losses and a $35 billion reduction in overall employment income in Ontario that would render people far less able to make such a purchase.