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As of the tip of November, the Toronto Region Real Estate Board had reported 23,128 condo sales in 2023 — a forty four per cent decline from the identical period in 2021. “If you are feeling that these costs are actually too excessive and that they will come down, regardless of how motivated you are to purchase a home, you ought to have a tendency to attend and see,” he stated. “It’ll flip around eventually, but proper now I think that purchaser sentiment is entrenched.” Butler says “purchaser sentiment” will have a major impression on prices in 2024. TD economist Rishi Sondhi predicts gross sales volumes to remain comparatively low in the coming 12 months, though better than what the numbers have been in 2023. High interest rates, inflation and a slowing economy hit Canadian wallets onerous in 2023.

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