Toronto's housing market is showing signs of recovery despite the high-interest rates in 2023. However, affordability is at an all-time low, making it the hardest time ever to buy a home in Canada. High borrowing costs are a major hurdle for potential buyers, forcing many to stay on the sidelines.
While home sales are picking up, it will take multiple interest rate cuts to significantly boost demand. Increased demand is likely to bring back bidding wars and push prices even higher.