The Canadian Real Estate Association says it expects home sales this year to edge down 0.5 per cent compared with 2022.
“Housing activity tends to be at its quietest in December and January in any event, so it’s unwise to read too much into trends around the turn of the year,” he wrote in a note to investors.It also marked a further depression of prices. The actual national average home price in December was $626,318, down 12 per cent from the final month of 2021.Article contentCREA found Ontario and B.C.’s December pricing shows the markets have mostly cooled from the peaks because of higher borrowing costs.
While prices in most markets have declined from a short-lived sharp peak in early 2022, they remain well above where they were in the summer of 2020, CREA added.
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