Various stakeholders are releasing their forecasts for housing markets across Canada after what was a very slow and stressful 2023 for the industry.

The latest comes from RE/MAX, which has delved into what home sales volumes and prices across the GTA specifically could look like in the coming year, and it looks like there is some good news for both buyers and sellers.

When it comes to the number of sales, next year is expected to be a bit less dismal than the double-digit year-over-year drops markets saw this year, with around 10.4 per cent more homes slated to switch hands overall — a good sign for realtors and those looking to sell.

But, as far as pricing is concerned, the brokerage's newly-released outlook says that homes will become about three per cent cheaper, on average, slumping to $1,098,701 —  a change that is a good sign for anyone trying to nab a place in such a perpetually overpriced market, though the cost is still a sky-high figure.

The firm notes that prices in and around Toronto already fell 5.9 per cent between 2022 to 2023, and sales, by 13.5 per cent, though the GTA is still right now considered a seller's market.

But, that is about to change in some locales.

"Looking ahead, it will transition to more of a buyers/balanced market depending on the specific neighbourhood," RE/MAX's experts write. "Not unlike other regions across the country, inflation and the interest rate environment has had the largest impact on homeowners across the GTA, and this is expected to remain prevalent into 2024."

For the year ahead, the company has also made projections on where is best to buy based on what you may be looking for: for access to public transit and walkability, obviously, your best bet is Toronto. If you're looking for where prices have fallen and affordability improved compared to previous years, then check out Markham and Richmond Hill.

And, when it comes to overall affordability and best value for your dollar, RE/MAX suggests eyeing the Durham Region in 2024.

The brand's national housing outlook, also published this week, predicts a slight 0.5 per cent uptick in the average selling price across Canada, with "the slower market we’ve been experiencing across the country this fall" serving as "an early indicator of an active 2024."

They also anticipate a "balancing of conditions in several regions across the country," with the GTA "to favour buyers at certain points of the year."