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toronto housing prices

Finding a great Toronto home in today's real estate climate is like trying to find a needle in a really expensive haystack.

According to Strata (a real estate brokerage), the city's market is grappling with the aftermath of eight consecutive interest rate hikes.

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To say that COVID-19 slightly nudged Ontario's housing prices in favour of sellers would be the understatement of the year. Things were bleak. But the pendulum appears to finally be swinging the other way.

According to housing news outlet Better Dwelling, Ontario recorded the "largest percentage point drop from peak" in all of Canada in 2022, with declines steep enough to be considered a "crash" in some markets.

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If you recently watched Glass Onion: A Knives Out Mystery and thought to yourself, "wow, this is exactly my vibe. I wished it came in small." Good news! It does. However, somebody already bought it, and it still cost them an absolute boatload.

According to Strata, luxury properties are selling like hotcakes in Toronto right now. Why? Because although the skyrocketing cost of living is affecting typical buyers, those able to drop $3 million on a royalty-level suite aren't exactly hurting for financing. Go figure.

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Despite this year's downward trend in the real estate market, first-time buyers hoping to invest in a Toronto home within the next decade remain out of luck because it's still expensive AF. At least, that's what the latest pricing forecast by Royal LePage suggests.

According to the real estate company, the average housing price across various units (condos, single-detached, detached homes etc.) in the Greater Toronto Area (GTA) is set to decrease by 2% in 2023, down to $1,056,734.

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December marks the second consecutive month that Toronto rent prices have dropped, and renters aren't the only ones in the city in for good news ahead of the holidays.

Those looking to buy a home will also see a slight decrease in the city's market this month as real estate trends continue to point downwards.

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