CREA Cuts Housing Market Forecast for 2024 Despite June Sales Rising

Published on July 12, 2024

The Canadian Real Estate Association says it is scaling back its housing market forecast for the remainder of the year amid increased levels of supply and a quiet spring spurred by fewer interest rate cuts expected in 2024. The association said on July 12 it anticipates a gradual rebound in the national housing market, with 472,395 properties forecast to trade hands this year to mark a 6.1 percent increase from 2023—down from its forecast in April of a 10.5 percent gain. The revised forecast came as CREA reported the latest national home sales and pricing data for June. On a year-over-year basis, the number of homes that changed hands in the month fell 9.4 percent, reflecting stronger activity in spring 2023. But CREA said sales ticked up 3.7 percent on a month-over-month basis....

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