As we approach 2023, the market anticipates a slowdown in interest rate hikes, making this the ideal moment to purchase a property in Toronto and nearby cities. Average home prices have dropped by 7.2% over the past year and 14.6% since their peak in February of this year. Since a home takes longer to sell, there is more room for bargaining and the ability to view available inventory. We are aware that over time, there will be a major rise in the demand for ownership housing. This is because the GTA will experience record-breaking immigration in the future years, all of whom will need homes and most of whom will want to buy.
With typical rent rates rising by 24% despite a high interest environment, owning a house makes more sense than ever before. Why continue renting when you could be making investments in your own home and increasing your equity?