The Toronto real estate market is likely to feel the impact of rising cost of living, increased demand from a growing population, unemployment status, the mortgage stress test and housing diversification. Rental prices are also hitting new highs, and immigration is expected to drive up both residential sale and rental prices. However, RE/MAX Canada's 2023 Industry Trends Report suggests that 2023 could yield a more-balanced market. The report examines key economic and transactional trends that are likely to impact Canadian homebuyers and sellers, and the broader real estate industry this year.
Fewer competitors does not mean a lower or uncertified deposit. A strong, certified deposit is important to demonstrate the strength of a homebuyer's offer and that they have the financial ability to close the purchase and sale. Homes in most market areas of the GTA that are priced correctly will continue to generate multiple offers, highlighting the importance of getting a mortgage commitment and inspection done in advance of the offer to be able to put the best foot forward in any competition and market conditions. Availability alongside an agent to present an offer in person is also a good idea, as it often gives the homebuyer a leg up to act more quickly with the Realtor than others.
The first half of the year is likely to offer favourable conditions to sellers due to less competition and economic headwinds. As a seller, it is important to focus on the difference in value between the property being sold and purchased. Staging homes is a best practice with significant impact across all markets.