Canadian Home Prices Will Fall With Fewer Sales Expected in 2022: CREA

The Canadian Real Estate Association (CREA) is cutting its forecast for home sales this year and lowering its expectations for price growth as some of the country’s hottest markets cool from their pandemic highs.
In its latest housing market outlook released Thursday, the association said it expects 532,545 properties to trade hands via Canadian MLS systems this year, down 20 percent from the 2021 annual record. Sales will drop another 2.3 percent in 2023 to total 520,156, CREA said.
The national average home price is forecast to rise by 4.7 percent to $720,255 by the end of the year and edge up another 0.2 percent to $721,814 in 2023.
The outlook is down from CREA’s forecast in June that predicted a 14.7 percent decline in sales this year and a 10.8 percent increase in the national average home price….

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