The Canadian Real Estate Association (CREA) has revised its housing market forecast for 2024 and 2025 due to a quiet spring and increased supply. Interest rate cuts are not expected to be as significant as previously thought, and a surplus of properties on the market has caused buyers to hold back.
Sales and average home prices are expected to be lower than initially predicted. Around 472,395 residential properties are forecasted to be sold through Canadian MLS® Systems in 2024, representing a 6.1% increase from the previous year. The national average home price is projected to rise by 2.5% annually to $694,393 in 2024.
In 2025, national home sales are expected to increase by 6.2% to 501,902 units as interest rates decline and demand picks up. The average home price is forecasted to climb by 5% from 2024 to $729,319 in 2025.
CREA releases quarterly updates on home sales activity and average home prices using MLS® Systems of Canadian real estate boards and associations. The next forecast is scheduled for Tuesday, October 15, 2024.
CREA is a prominent organization representing over 160,000 REALTORS® in Canada who advocate for property owners, buyers, and sellers.
For more information, please contact Pierre Leduc, Media Relations at The Canadian Real Estate Association.