Toronto Housing Prices Start to Make a Comeback

The Toronto housing market shows resilience despite a slump in sales activity. Year-over-year data reveals a 15% drop in average home prices due to higher interest rates and fewer listings. Sales of various home types have decreased significantly, with semi-detached homes seeing a 43% drop. However, month-over-month data indicates a 44% increase in sales and a 2.5% rise in prices, suggesting signs of stabilization. The Toronto Real Estate Board notes increased competition, led by first-time buyers. The Bank of Canada's upcoming rate decision may impact the market further.

What does the Toronto Real Estate Board (TREB) say about the current competition in the housing market?

What signs indicate a potential stabilization in the Toronto housing market?