The Toronto Regional Real Estate Board (TRREB) published its 2023 Market Outlook & 2022 Year in Review Report.
According to the report, home sales in the Greater Toronto Area (GTA) will increase in the second half of this year.
- The report predicts increased competition between buyers and upward pressure on home prices.
- According to TRREB's Chief Market Analyst, Jason Mercer, 2023 will be a year of two halves.
- The first half is expected to be similar to fall 2022 due to higher borrowing costs and economic uncertainty, and the second half will see an increase in demand for home ownership.
- 70,000 units are forecast to be sold in the GTA region, and the average selling price will reach $1.14M for all home types combined.
