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.