Average Toronto home price to tick upwards this year, but lag 2022: TRREB
BNN Bloomberg
The Toronto Regional Real Estate Board expects the average price of a home to edge upwards as 2023 progresses but end on a lower note than last year as buyers get off the market's sidelines and make long-awaited purchases again.
The Ontario board said in its annual outlook released Friday that it foresees the average selling price this year reaching $1,140,000, up from $1,038,668 in January.
The predicted average selling price amounts to a four per cent drop from the 2022 figure of $1,189,912, but exceeds pre-pandemic levels. The predicted price is 39 per cent higher than 2019's average of $819,153.
“It will be a year of two halves in 2023. The first half will feel similar to the fall of 2022 due to the lingering effects of higher borrowing costs and related economic uncertainty," said Jason Mercer, TRREB's chief market analyst, in a news release.
