released on Thursday, RBC assistant chief economist Robert Hogue said that while “demand-supply conditions look reasonably balanced nationwide” that is not the case in many of the country’s most expensive real estate markets in Ontario and British Columbia.
Hogue predicts that because of that buyers “will succeed in further reversing some of the earlier outsized price gains in Ontario and BC in the near term,” even if the slide in prices starts to stabilize nationally where the ratio is closer to 0.50.housing prices in the GTA could drop nearly 12 per cent in 2023.
The average price of a home across all property types in the GTA peaked at $1,334,062 in February but hasamid an aggressive campaign by the Bank of Canada to hike interest rates.
Yet most young people still can't afford a house. The term buyers market is a misnomer. Real estate people keep pushing this bullshit.
Not true. Prices are steady and once interest rates start to drop, prices will rise again. This is government influenced propaganda to sway sellers into taking lower offers. You can’t add hundreds of thousands of immigrants during a housing shortage and expect prices will drop.
Even the “experts” on Hot Property don’t know what they are talking about. I remember them laughing at the host’s husband for locking in at 3% for 10 years over a year ago. I wish I did that at the time. Monster Mortgage just carried on with a smirk and said call us. Joke show!
It is only a buyers market because the price to buy a home is still too high. With new bylaws affecting residential neighbourhoods, the exodus from Toronto will pick up again. I only go into the city for work and good doctors. The rest is spent in the GTA or south of the border.
Everyone wanted the price of housing to be more affordable well you get what you ask for.
No it's not! Lol
I can assume there alm doug buddies no thanks also waiting on twitterfiles canada good luck
All it will cost you is you’re democracy
It's a shame that houses are this expensive in such a garbage city like Toronto. Like an absolute sewage hole.
It's time for bank managers offer the power of sales to their inside circles before they go into the market.
Real estate agents and their media will in every market tell you to buy now. Do not trust the wolf.
Lol still unaffordable
It’s time to buy buy buy buy
Who'd buy with high interest rates
Okay, all of you. Buyers market does not mean it’s an affordable market. Buyers market just means the ratio of sales to new listings is low. Meaning buyers have more options. It does not mean it’s an affordable market.
Fed’s Powell said more rate hikes to come I. 2023. Canada will follow suit. Prime rate to 8%
Let’s hope for a crash
Still 35% over priced!!! What a joke
Definitely a buyers market, you can purchase a home for 300-400k cheaper than a year ago. Lock in short term, sustain the higher rate for one year. Once rates go down next year you lock in for 5 year term at a lower rate… win win!!! Definitely a buyers market
This is horse shit, buyer's market my ass!
lots of buyers are now screaming in financial pain. Look at the paradise buyers who bought pre-con for 1.5-2.1 million last years and prices are down 500k. Many of them used HELOCs and worry they are going to do bankrupt. Many speculators are in an all out panic as prices fall.
Remember what Royal LePage predicted for this year? .
Not a buyer's market with those ridiculous interest rates that keep increasing. Good luck to those who are buying.
As per CP24 hot property experts? Clowns
Don't fall for the trap. More rate hikes coming 2023. They will remain until inflation hits target and holds. This will lead to a recession and unemployment. Household debt ratios already high and stress test still in affect means majority are still priced out of the market.
Just wait till interest rates start dropping again in 2 years or so, right when supply becomes dwindled down because developers were delaying building and immigration kicks up. Will be mayhem again.
I don’t understand the prices are still in the millions how is it a buyers market?
Market is not dictated by buyers, but those who have money, all a sham, buddy of mine is 'an investor'. Lowballed 5 houses, put his relatives names as living there (per each). Gonna keep them for a year, maybe update some stuff, add 300k to the price in 1.5-2 years and sell them
Maybe ask someone other than a Bank if it’s a “buyers” market.
$200 000 income qualifies you for $750 000 home. Unless you want a detached property in Barrie, prices need to come down another 20%
The prices will come down a lot more if they start to build more like these Existing homes will be old and substandard. Canada will lead the world in accessibility. 🇨🇦 👏
Let it all come tumbling down SorryNotSorryBoomers
Buyers remorse for lots of people in the last couple years… paid way over asking… doh!
and they need to go down another 50% before anyone can afford them
Interest rates are coming down.
Housing going to Zero 👏🏻
Hogue predicts that because of that buyers “will succeed in further reversing some of the earlier outsized price gains in Ontario and BC in the near term,” even if the slide in prices starts to stabilize nationally where the ratio is closer to 0.50
Gonna need to drop significantly more given interest rates and the economy in general.
With more interest hikes next year, I’d wait to buy.