Stakeholders are calling for a bonkers year in Toronto's housing market, saying that as the city makes up for last year's relative calm in the face of high interest rates, average home prices will end up surging past notoriously expensive Vancouver's to become the highest in the country.
This will be particularly bad in places like the Toronto area, which the firm says will not only see some of the most rapid escalation in prices, but will be home to the highest prices of any Canadian city. The Montreal area will see a similar, though slightly lesser boom, with prices climbing by 8.5 per cent year-over-year .
Factors driving the push upwards include"chronically low" housing stock in cities nationwide, interest rate cuts coming later in the year, and would-be buyers' acceptance of currently-high rates.