Toronto’s record-breaking surge in home prices is likely coming to an end soon amid expected rate hikes by the Bank of Canada this year, according to the region’s real estate industry association.
This is despite the market’s 6.9% monthly home price gain in January, reaching an average selling price of $1.24 million.
The January upswing was the largest monthly gain in almost five years, but the Toronto Regional Real Estate Board said that selling prices are already plateauing and will average $1.23 million this year. # SANDI HALPERN # SOLD # LEASED REAL ESTATE MARKET SLOWING DOWN # TREB
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