Toronto’s real estate board predicts the region’s housing market will start to rebound in the latter half of this year, with home prices and sales increasing after months of declines.

The average home price for the year is expected to reach $1,140,000, the Toronto Regional Real Estate Board (TRREB) said in its annual forecast, released Friday. That is higher than January’s average price of $1,038,668 but still 4 per cent lower than last year’s average.

The board forecast 70,000 sales this year, 7 per cent fewer than last year.“The second half of 2023 should be characterized by an increase in demand for ownership housing, supported by lower fixed mortgage rates, a relatively resilient labour market, and record immigration,” the board’s chief market analyst, Jason Mercer, said in a news release.

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