The Canadian Real Estate Association expects home sales to edge down less than one per cent and prices to fall almost six per cent from 2022, which ended with the market in a sluggish state as sellers and buyers sat on the sidelines.
The association's forecast amounts to 495,858 changing hands in 2023 and is based on sales "more or less" stabilizing since the summer, "suggesting the downward adjustment to sales activity from rising interest rates and high uncertainty may be in the rear-view mirror."The same factors will also put a damper on the average home price, which CREA said will reach $662,103 in 2023.
However, spring brought rate hikes that increasingly put a damper on sales, as sellers took their homes off the market to wait for prices to rise again and buyers decided their mortgage payments would be too hefty to make a purchase. Investors have mostly vanished as have first-time home buyers, dropping home sales CREA reported for December 2022 39.1 per cent compared with a year earlier.BMO Capital Markets chief economist Doug Porter took the numbers as a sign that there is little forced selling underway, helping to support prices.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CREA predicts 2023 home sales to edge down 0.5% from 2022 markThe Canadian Real Estate Association says it expects home sales this year to edge down 0.5 per cent compared with 2022.
Read more »
CREA predicts 2023 home sales to edge down 0.5% from 2022 mark - BNN BloombergThe Canadian Real Estate Association says it expects home sales this year to edge down 0.5 per cent compared with 2022.
Read more »
CREA predicts home sales this year to edge down 0.5% from 2022 markIn its updated forecast for the year, CREA also says it expects the average home price to decline 5.9% on an annual basis to $662,103 in 2023
Read more »
What comes with an Amazon Canada Prime membership in 2023?Plus some of our favourite finds
Read more »
What comes with an Amazon Canada Prime membership in 2023?Plus some of our favourite finds
Read more »
What comes with an Amazon Canada Prime membership in 2023?Plus some of our favourite finds
Read more »