Current Market Trends

While no one can tell you exactly what the future holds, we do have many indicators to help inform our thinking. There are many who’ve been hoping for a housing crash in Toronto for several years, and with understandable reasons, it’s an expensive city and it can be challenging to get into the housing market as a first-time-home-buyer. That said, we’re not in for a downturn as we saw in 2007/2008 with our friends south of the border. The housing market in Canada has been slowing. That’s a fact. Interest rates have played a large factor in this. Another factor is a temporary price appreciation caused from supply chain shortages in home construction. These huge pricing spikes caused an uptick in home valuations in early 2022. By August, the dust from that jump has settled. While markets in Vancouver, Calgary, and Winnipeg have been in decline, the GTA has seen gains. Toronto, and its surrounding area, is still the most desirable place to live in Canada. 

There are a lot of homebuyers ready to purchase, but there are many sellers reluctant to put their homes on the market until they have more confidence in where they see the market going. Experts expect home values will return at a slower and steadier pace by 2024 ultimately reaching pre-pandemic levels.

Once everyone sees there was a slight pop in the bubble, and not an all-out crash, we’ll be headed towards a normal, and busy, Toronto market.