Despite the Bank of Canada's recent interest rate hikes, Royal LePage predicts that housing prices in the Greater Toronto Area (GTA) will remain stable.
The real estate firm released its forecasts for the end of 2023 and price trends for the second quarter of this year.
According to the report, it is expected that the aggregate home prices in the Greater Toronto Area (GTA), which includes the average price of single-family homes, townhouses, and condominiums, will increase by 11% in the last quarter of 2023 compared to the same period last year.
Prices are projected to rise from approximately $1,069,000 to $1,186,000 as higher rates scare off some sellers and cause them to hold back, putting pressure on the already limited supply.
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