2023 Market Outlook & 2022 Year in Review By Treb (Summary)   Looking ahead to 2023, the housing market will be impacted by two significant forces: higher levels of immigration and increased borrowing costs. The Toronto Regional Real Estate Board (TRREB) is forecasting a total of 70,000 home sales, which is lower than the previous year but expected to show improvement in the second half of 2023. The average selling price for all home types combined is anticipated to reach... [read more]

A quick overview of the February 2023 market statistics sourced from the Toronto Real Estate Board (TREB)  The average selling price of homes in February 2023 was $1,095,617, which represents a 17.9% decrease from the average selling price in February 2022.   The average selling prices for different types of homes in February 2023 were as follows: Detached homes: $1,439,735. Condos: $1,069,266 Townhouses: $934,834 Homes in general: $705,402   These... [read more]

Canada recently made some changes to the rules around the foreign home buyer ban . According to the Canadian Mortgage and Housing Corporation (CMHC), the amendments will "enhance the flexibility of newcomers and businesses looking to add to Canada’s housing supply." Enable more work permit holders to purchase a home to live in while working in Canada. The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and... [read more]