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'A Year of Two Halves': TRREB's 2023 Market Outlook Splits its Real Estate View

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A just-released report from TheReal_TRREB examines the Canadian real estate market outlook for this year, with heightened activity expected. realestate realestatenews GTA realestatemarket Canada

According to the report, the second half of the year will see a gradual uptick in home sales in the Greater Toronto Area , along with an increase in competition between buyers, with a renewed upward pressure on home prices. This is good news for sellers, of course, but — in a climate of sky-high interest rates — it only makes things more of a challenge for first-time homebuyers.

“It will be a year of two halves in 2023,” said TRREB Chief Market Analyst Jason Mercer. “The first half will feel similar to the fall of 2022 due to the lingering effects of higher borrowing costs and related economic uncertainty. However, recent polling by Ipsos suggests buying intentions are edging up.

 

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