As both buyers and sellers sat on the sidelines for a substantial portion of the previous year, there seem to be some early indications of life in the GTA property market.
But, with the number of new listings at a 20-year low in February and rising borrowing prices still having an impact on the market, it’s unclear what the traditionally bustling spring season may hold.
Realtors and others who closely watch the industry are unsure of what to anticipate.
They broadly believe that buyers and sellers will return to the market in greater numbers but whether it signifies the conclusion of what RBC previously dubbed a historic housing downturn isn’t as obvious.
In February, the average cost of a home in Toronto was $1,095,617.
Even while that was a decrease of about 18% from a year earlier, it was an increase of almost 5% from the month before.
According to data from the Toronto Area Real Estate Board, the recent trend of declining new listings continued in February.
But, according to Jason Mercer, chief market analyst at TRREB, the organisation anticipates stronger levels of activity this spring and into the second part of the year. Between March 2022 and January of this year, the Bank of Canada lifted its overnight lending rate eight times in a row, driving borrowing prices to their highest point since 2007. The majority of consumers (62%) who put off buying a home in 2022 owing to high loan rates intend to do it this year.
