As per the report, house prices rose 11 per cent from $1,086,155 last year to $1,203,916. But for 2023, average residential sale prices are expected to drop 11.8 per cent to about $1,061,854, which is a roughly $142,000 price difference.
As prices start to decrease, Re/Max says there will be three main trends that will carry on into the new year.
“Continued interest rate increases and associated price adjustments, rising unemployment due to an economic slowdown, and new opportunities to engage in the market for buyers and sellers because of improved affordability,” Re/Max Realtron Realty broker, Cameron Forbes, said
This could be good for prospective homebuyers, as Forbes says there will be fewer competitors to deal with, reduced prices and more options to choose from on the market.
“Meanwhile, sellers will have a trade-up advantage, reduced competition of listings, a stronger ability to re-locate to the suburbs, and have all of the advantages that buyers do, too,” Forbes said.
The continued rising interest rates, however, will still make it a slower real estate market for all in the GTA. Re/Max notes this will particularly impact first-time homebuyers, as many choose to put their dreams of owning real estate on the back burner due to a lack of affordability.
Toronto’s luxury real estate market is also expected to continue to cool down next year due to economic pressures.
“It’s important to also consider some key context for the GTA. The pandemic between Spring 2020 and early 2022 were outliers in terms of pricing and demand, and factoring out those years in assessing what lies ahead for the region is important as we slowly tilt back to a post-pandemic recovery,” Re/Max Canada President, Christopher Alexander, said in the report.
“This moderating market is an opportunity for homebuyers to take the time to consider their needs, assess opportunities patiently and ultimately make a wise purchasing decision and investment in the long run.”
On top of the GTA, Durham region, London, Kitchener-Waterloo, Barrie and the Georgian Bay area are expected to see average house prices decline between two to 15 per cent next year.
Hamilton, Burlington, Oakville, Brampton, Mississauga, Niagara, and Peterborough are among some of the regions where sale prices will actually increase between two to eight percent in 2023.
“Hamilton-Burlington, Brampton, Mississauga and Niagara are buyer’s markets, while Sudbury, Muskoka, Durham York Region, Haliburton, Ottawa and Peterborough and the Kawarthas favour sellers,” the outlook report reads.
W5 goes deep into the narco heartland to interview a commander with one of Mexico's most brutal cartels. W5's documentary 'Narco Avocados' airs Saturday at 7 pm on CTV.
Memphis authorities released video footage Friday showing Tyre Nichols being beaten by police officers who held the Black motorist down and repeatedly struck him with their fists, boots and batons as he screamed for his mother and pleaded, ''I'm just trying to go home.'
When selling a home, Canadians may be exempted from paying capital gains tax on a residential property -- if it's their principal residence. On CTVNews.ca, personal finance contributor Christopher Liew explains what's determined as a principal residence, and what properties are eligible for the exemption.
The head of the Canada Revenue Agency says it 'wouldn't be worth the effort' to fully review $15.5 billion in potentially ineligible pandemic wage benefit payments flagged by Canada's Auditor General.
A review has been launched after police officers were recorded restraining a handcuffed Indigenous child on the floor of a Vancouver hospital – an incident the Union of B.C. Indian Chiefs has denounced as "horrendous."
The World Health Organization will announce Monday whether it thinks COVID-19 still represents a global health emergency but Canada's top doctor says regardless of what the international body decides, Canada's response to the coronavirus will not change.
Hyundai cars in Canada don't have the same anti-theft issue compared to those in the United States, a company spokesperson says, following reports that two American auto insurers are refusing to write policies for older models.
On Jan. 29, 2017, six men were killed and five others injured shortly after evening prayer at the Quebec City Islamic Cultural Centre. Montrealers gathered Friday to commemorate the victims and call for action amid a rise in hate crimes.
In an emotional and powerful speech at an International Holocaust Remembrance Day event in Ottawa, a survivor stressed the importance of remembering the millions of victims murdered by the Nazis during the Second World War and underscored the need to stand up against anti-semitism and hate.
The Francois Legault government announced the formation of an interdepartmental 'action group' on the French language to find ways to halt the 'decline' of the language in Quebec.
Educators are hoping to write a new chapter in the story of ChatGPT, and it’s one that sees limits on the program’s ability to do school work for students.
Inflation has driven the cost to build London’s first rapid transit route over budget and threatens to increase the price tag for the two remaining routes.
Ontario Provincial Police (OPP) shut down a section of a Perth County roadway Friday after they say a passerby discovered a body in the area overnight.
A Kitchener elementary school is responding to reports of a suspicious man who appeared to be watching or following students on two separate occasions.
The manager of a Tim Hortons in North Bay was wrong to fire a long-term employee because of her physical limitations, the Human Rights Tribunal of Ontario has ruled.
The body of a 29-year-old Sudbury nurse was recovered Wednesday night from a lake near Parry Sound after her snowmobile went through the ice, police say.
The Parliamentary Protective Service says it expects as many as 500 people to gather on Parliament Hill for an event this weekend to mark the one-year anniversary since the start of the 'Freedom Convoy' protest.
Memphis authorities released video footage Friday showing Tyre Nichols being beaten by police officers who held the Black motorist down and repeatedly struck him with their fists, boots and batons as he screamed for his mother and pleaded, ''I'm just trying to go home.'
Barrie Colts owner Howie Campbell, as well as the captain and alternate captain of the Colts, Brandt Clarke and Jacob Frasca visited the two patients at RVH this week.
In trying to prevent of a large tax increase, Halifax councillors face another problem. They have to find more than $13 million in savings -- that means cuts.
Upward of five centimetres of snow fell in Calgary early Friday morning and officials said conditions were good, but the situation deteriorated later on Friday, leading to plenty of crashes and road closures.
A review has been launched after police officers were recorded restraining a handcuffed Indigenous child on the floor of a Vancouver hospital – an incident the Union of B.C. Indian Chiefs has denounced as "horrendous."
B.C.’s public safety minister made the right call asking for more information before approving Surrey's policing plans, according to two city councillors.
The self-proclaimed spiritual leader accused of sexually assaulting four of his female followers between 2017 and 2020 made his first court appearance in Edmonton.
New details have emerged in an ongoing civil lawsuit against the City of Leduc as court documents detail allegations that women working as firefighters experienced systemic discrimination and sexual assault.
An Alberta government email review of whether Premier Danielle Smith’s office interfered with Crown prosecutors has taken a confusing turn, with duelling statements from two spokespeople on what was investigated.
A sold sign is shown in front of west-end Toronto homes Sunday, May 14, 2017. THE CANADIAN PRESS/Graeme Roy
