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The Greater Toronto Area (GTA) real estate market is proving to be difficult to predict for brokers, sellers, buyers, and would-be buyers as they eagerly await signs of life in the warmer months. While figures show that GTA home sales were down 44% year-over-year in January and new home sales dropped to a 23-year low in the same month, some experts suggest there is room for optimism. The Toronto Regional Real Estate Board (TRREB) called 2023 “a year of two halves” in their most recent market outlook report, with an uptick in real estate activity expected in the second half of the year. However, there are concerns over the potential impact of a looming recession, sky-high interest rates, and strict mortgage requirements that could dampen the spring market.

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