Experts revise Toronto housing forecast due to tanking market but say prices are still going up

Toronto's real estate market may be in a months-long slump thanks to prohibitive interest rates, but despite a serious plunge in the number of sales, prices haven't been following suit — and some stakeholders are saying they are due to actually increase by the end of the year.

This figure is based on the fact that prices in the region were up 4.5 per cent in the third quarter of this year compared with the third quarter of 2022, hitting $1,147,400 — an amount that was notably 2.8 per cent lower than what the typical home was selling for in the previous quarter of the year.

Out of the cities included in this latest report, Regina is set to stay the cheapest place in which to purchase a home, with a projected price of $373,984, on average, by year's end. Next is Winnipeg at $389,880, Edmonton at $439,913 and Halifax at $501,830.

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