According to the Toronto Regional Real Estate Board (TRREB), the Toronto Housing Market is poised to see a resurgence in home sales and prices during the latter half of 2023. The increased competition among buyers is a reflection of this positive outlook, as the market continues to recover from the impact of interest rate hikes that have dampened activity in the first half of the year.

The average selling price for all property types is projected to reach $1.14 million, which is a decrease of 4% from the average selling price in 2022, but still represents a significant increase from the current average of just under $1.04 million, reported in January. The increase in demand for housing is driven by several key factors, including lower fixed mortgage rates, a relatively stable labor market, and record immigration levels, as Canada sets its sights on higher immigration targets in the coming years.

TRREB’s chief market analyst, Jason Mercer, states that the second half of 2023 should be characterized by an increase in demand for ownership housing, supported by these favorable conditions. This prediction is further supported by the board’s predictions that 70,000 properties will change hands in the 2023 market, primarily due to the expected strong performance in the latter half of the year.

Furthermore, TRREB has also noted a significant increase in listing intentions for townhomes in 2023 compared to the previous year, as reported by Ipsos, while intentions for condos and semi-detached homes remain consistent with the levels seen in 2022. This data indicates that the Toronto Housing Market is poised for growth, with a diverse range of property types available to meet the demands of a growing population.

The increase in immigration levels, coupled with favorable mortgage rates and a resilient labor market, is expected to drive demand for housing in Toronto and its surrounding areas. As a result, the market is poised for growth, and the board expects to see a rise in both home sales and prices in the latter half of 2023.

In conclusion, the Toronto Housing Market is showing signs of a strong rebound, and the increased competition among buyers is a reflection of the positive outlook for the market. With favorable conditions supporting demand, the board predicts that 70,000 properties will change hands in 2023, driven by a surge in demand for ownership housing in the latter half of the year. The Toronto Housing Market is poised for growth, and the board is confident that this trend will continue well into the future.