TORONTO -
He said that even with forecasts that the Bank of Canada will likely lower its key interest rate later this year, many people will still find themselves priced out of the market. New listings were up 15 per cent last month from March 2023, which TRREB president Jennifer Pearce attributed to homeowners possibly anticipating an improvement in market conditions in the spring.
Kapches said his advice to clients is that they may need to look far out in the Greater Toronto Area for affordable home prices if they are set on staying nearby. He pointed to Scarborough as an area where prices for condominium apartments are more feasible.“People are moving to other parts of the province where it's more affordable. In some cases, people are moving to other provinces.”
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