2023-10-13 14:51:09
(Ottawa) The Canadian Real Estate Association has lowered its forecasts for home sales and prices this year due to market weakness in Ontario and British Columbia.
Published at 10:51 a.m.
The association says it expects approximately 449,614 residential properties to be sold in 2023 in Canada through Multiple Listing Service (MLS) systems, which would represent a decrease of 9.8% compared to 2022.
Meanwhile, the national average home price is expected to decrease by 3.3% on an annual basis to $680,686 in 2023.
By comparison, CREA’s previous forecast, released in July, called for a 6.8% decline in home sales this year, as well as a 0.2% decrease in the average price.
Separately, the CREA reported Friday that September home sales increased 1.9% compared to the same month last year, but fell 1.9% compared to the month of august.
The actual national average home price was $655,507 in September, up 2.5% from September 2022.
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