“Home sales and selling prices appear to have found some support in recent months,” he said in remarks accompanying the news release. “This, coupled with the Bank of Canada announcement that interest rates are likely on hold for the foreseeable future, will prompt some buyers to move off the sidelines in the coming months.

“Record population growth and tight labour market conditions will continue to support housing demand moving forward.”

The board’s chief market analyst Jason Mercer said the fact that certain types of medium-term mortgage rates are lower than last year could also improve affordability for buyers in a Toronto market known for its eyewatering home prices.

“While short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five year fixed rate, have actually started to trend lower compared to the end of last year,” he said. “The expectation is that this trend will continue, further helping with affordability as we move through 2023.”