Currently market conditions in the GTA are balanced and according to a new report released by RE/MAX, they anticipate the 2023 market to remain much the same. Earlier in November RBC Economics also released a report questioning if Canada’s housing market may be entering the end of its cyclical downturn. But don’t expect the market to heat up again so quickly. Read the full report here.
When surveyed, Independent Canadian RE/MAX Broker/Owners and their affiliates all across Canada expected the 2023 Market to be much of the same. Many markets to be in balanced or buyers markets.
We saw a steep drop in consumer confidence this year. Key factors include rising interest rates, possible job loss and lack of affordability that will weaken buyer demand and keep the market quiet for some time.
Benefits for Buyers in 2023
Buyers will have more options in their purchases. They will have less competition and bidding wars. Buyers will enjoy reduced purchase prices.
Benefits for Sellers in 2023
Many sellers currently wishing to move laterally or up in their homes can do so in the same market with less competition. They have an advantage of moving up or possibly re-locating outside of the City.
For more information on current market forecasts click here to contact us. You can read the full RBC report here.