Friday, March 29, 2024

Timer

Home sales, prices predicted to fall nearly 6% in 2023: CREA

First Published:

The Canadian Real Estate Association (CREA) says it expects the average home price to drop by 5.9 per cent to $662,000 in 2023.

The CREA released an updated forecast on Monday, which showcases the number of homes sold in the country.

Even though home prices are predicted to drop by almost six per cent in 2023, CREA expects home sales to increase by 10.2 per cent in 2024 as markets continue to return to normal.

It also expects prices to gain 3.5 per cent by 2024 to around $685,000, which is below 2022 but back on track with 2021.

CREA released an updated forecast on Monday, which showcases the number of homes sold in the country (Courtesy of the Canadian Real Estate Association).

Interest rates increased last spring, which put a stop on sales as sellers took their homes off the market to wait for prices to go up again.

On the other hand, buyers halted on their new buy due to the hike in mortgage payments.

First-time home buyers and most investors disappeared, which dropped home sales more than 39 per cent in December 2022 compared to 2021, according to CREA.

READ MORE: Ontario unveils 3-step plan to invest in private health care

More Top News

Masked man who robbed Beamsville dispensary at gun point at large

Authorities are on the hunt for a man who robbed a cannabis dispensary at gunpoint in Beamsville. Authorities say they were called out to the...

Pioneering soccer star helped build foundation for future generations

Lydia Vamos excelled at every level she played at and established herself as one of the early Canadian soccer stars to lay the foundations...

Apartment fire in Hamilton captured on video

An apartment fire in Hamilton was caught on video and shared to social media yesterday. No one was injured but the fire department says that...

What’s open, closed in Hamilton, Halton and Niagara for Easter long weekend

The Easter holiday marks the first long weekend of Spring, and it brings closures that can affect businesses, city services and public transportation. Here’s a...

Ontario school boards suing TikTok, Meta, and Snapchat

Four of Ontario's largest school boards are suing the parent companies of Facebook, Instagram, Snapchat, and TikTok. The boards are alleging the social media platforms...

Evening weather forecast for March 28, 2024

Shelly Marriage shares the forecast for March 28, 2024 and the days ahead.