Canadian Real Estate Association Updates Home Sales and Prices Forecast for 2023-2024

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The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity and average home prices in Canada for 2023 and 2024. According to the forecast, national home sales are expected to decline by 1.1% in 2023, while the national average home price is expected to decline by 4.8% to $670,389 in the same year. However, the forecast also predicts a recovery in home sales activity and average home prices in 2024, with national home sales expected to rise by 13.9% to 561,090 units and the national average home price expected to recover by 4.7% to around $702,200.

The forecast also highlights some risks, including the worsening of Canada's housing supply issue, which could lead to a downside for the sales forecast and an upside risk to the average price forecast. Additionally, an expected short and mild recession in the middle of 2023 could turn out to be more severe and longer lasting than anticipated.

The CREA represents over 160,000 REALTORS® who advocate for property owners, buyers, and sellers in Canada.

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