Experts say Toronto real estate prices are finally going to drop later this year

Home prices in Toronto are expected to decline, with a forecast from Oxford Economics predicting a 7% drop by the end of 2024. This decline is attributed to high housing unaffordability and increased mortgage renewals, leading to more listings than demand. Overall, Canadian home prices are projected to fall by 5%, particularly in major cities like Vancouver and Halifax. By the end of 2024, homeowners will spend 9.3% of their disposable income on mortgages, the highest since 1990.