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Experts surveyed by the Star say rate cuts are likely to occur this spring or summer, leading to homebuyer fears that the move could open the floodgates for more buyers
Association forecasting a 10.4 per cent increase in residential properties to be sold this year
Meanwhile, asking rents jumped 8.6% in December to hit record $2,178
December home sales were up 3.7 per cent compared with the same month in 2022, marking the largest year-over-year gain since August. The actual national average price of a home sold in December was $657,145, up 5.1 per cent from December 2022.
With interest rate cuts likely on the horizon, the Canadian Real Estate Association expects the number of homes changing hands this year to grow following a slowdown in 2023.