2023 started very strongly with high demand and lack of supply resulting in many " multiple offers' 'situations. This lasted till about mid June and then the market started to slow till about the middle of December. After 10 rate increases, Bank of Canada has held rates steady for two consecutive meetings in a row and also further hinting that rates might be coming down in the middle of 2024. Some Canadian banks have already lowered their longer term rates.
The current market is basically characterized by still a lack of supply in landed properties. Condo resale is definitely not as robust as there are a lot more choices and also further challenged by constant in-flux of new units from recent completion. To add salt to the wounds there are also plenty of attractive assignment deals to be had. Hence, if you're a buyer or a homeowner wanting to sell your home and buy a condo for down-sizing purposes , this is absolutely a golden opportunity for you!
Fundamentally, there will be another 400,000 new immigrants coming to Canada in 2024 and majority of these newcomers will gravitate to Toronto and vicinities; hence, the demand will definitely still be there. Given the rental market being very tight and rental cost is high, more and more people including those who have been sitting on the sideline will eventually come back to the market.
In conclusion, I predict the market will come out of the doldrums by spring time and sales will be steady throughout the summer when rates are likely to subside. Taken as a whole, 2024 should see slightly higher sales volume north of the 2023 approximate 70,000 sales. Average sales price should remain somewhat the same or slightly higher at around $1,050,000.
2024 and beyond, if you have the NEED to buy or sell & buy(trade: either downsizing or upsizing financially or physically), anytime is the RIGHT time in a growing city like Toronto, one of the fastest growing cities in the World and the commercial and financial hub of CANADA!