The Canadian Real Estate Association says it's now expecting the national average home price to climb 4.9 per cent on an annual basis to $710,468, more than double the hike it had predicted at the start of 2024.
The Canadian Real Estate Association says it's now expecting the national average home price to climb 4.9 per cent on an annual basis to $710,468, more than double the hike it had predicted at the start of 2024.
In its January forecast, CREA had expected a 10.4 per cent increase in home sales this year and a 2.3 per cent rise in the average home price for 2024. “Will the story be high interest rates keeping a lot of people on the sidelines this year, or the much expected and anticipated first rate cuts enticing a lot of people back into the market? Probably a bit of both."
Meanwhile, there were 3.8 months of inventory on a national basis at the end of March, unchanged from the end of February, but short of the long-term average of about five months of inventory.
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