In the Toronto Regional Real Estate Board’s Market Watch Report dated January 5, 2023, with respect to the year 2022, TRREB President Paul Baron commented:
“Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Canada interest rate hikes further hampered housing affordability. With no relief from the Office of Superintendent of Financial Institutions (OSFI) mortgage stress test or other mortgage lending guidelines including amortization periods, home selling prices adjusted downward to mitigate the impact of higher mortgage rates. However, home prices started levelling off in the late summer, suggesting the aggressive early market adjustment may be coming to an end.”
In my opinion, the beginning of this year might present a slow start to the real estate market, but it will get interesting starting in the Spring.
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