The Canadian Real Estate Association expects the average price of a home to end the year 4.8 per cent lower than 2022, but says prices will rise by roughly the same amount in 2024.
expects the average price of a home to end the year 4.8 per cent lower than 2022The association's prediction revealed Friday amounts to an average price of $670,389 this year and $702,214 next year, when prices are expected to increase by 4.7 per cent.The board also foresees home sales falling 1.1 per cent to 492,674 this year and then rising 13.9 per cent to 561,090 in 2024.
The market Canadians are re-entering has seen months of falling sales, lower listings and dampened buyer sentiment as eight successive interest rate hikes weighed on the cost of borrowing. "Our forecast assumes further sales gains are in the cards this year, although an important downside risk stems from looming regulatory changes that will make it harder to qualify for mortgage," he said, in a note to investors.On a seasonally-adjusted basis, new listings totalled 53,298 in March, down 5.8 per cent from February. Actual new listings hit 68,597, a 27.4 per cent drop from a year ago.
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