from RE/MAX released at the end of November warned of further price drops in the GTA next year, saying they could fall nearly 12% in 2023.
Royal Le Page, on the other hand, is calling for a more moderate decline in prices in the new year, forecasting a smaller 2% drop. But one of the biggest determinants of next year’s market still remains unknown: whether there will be more Bank of Canada rate hikes. Since March, the bank has implemented an aggressive rate hike schedule, taking the overnight lending rate from its historic low of 0.25% to its current rate of 4.25%.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toronto’s housing correction set to stabilize, prices to continue dropping in 2023: expertsToronto real estate was definitely one of the hottest topics in 2022 with a major housing correction hitting the market in the spring, resulting in plummeting home sales and prices. All the losers living in shoeboxes 🤣 I have my doubts 🤗 A lot of money to be lost 🙏 then...😦
Source: CP24 - 🏆 30. / 67 Read more »
Toronto’s housing correction set to stabilize, prices to continue dropping in 2023: expertsToronto real estate was definitely one of the hottest topics in 2022 with a major housing correction hitting the market in the spring, resulting in plummeting home sales and prices. A dump in Toronto 🇨🇦 is $1 MILLION . The masses can’t save $200,000 then hope to qualify for $800,000 mortgage at these rates. Are you people really this out of touch ? Ages 19-35 are doomed. Then these landlords extort them with $2800 for a 1 bedroom 📦
Source: CTVToronto - 🏆 9. / 84 Read more »
Canada's housing market correction to extend into 2023, experts sayFollowing a series of interest rate hikes throughout 2022, it remains to be seen whether the Bank of Canada will continue to increase its key interest rate next year. So, what will this mean for home prices in 2023? CTVNews.ca spoke with several experts about what Canada's housing market landscape could look like next year.
Source: CTVCalgary - 🏆 26. / 68 Read more »