Hey there, fellow home enthusiasts! The Canadian Real Estate Association (CREA) has just released its latest forecast for home sales and average prices in Canada for 2023 and 2024, and we're here to break it down for you in a fun and simple way!
Good news! National home sales have been stable since summer 2022 and are expected to rise gradually toward the long-term trend in 2024. CREA economists believe that buyers will return to the market as uncertainties around mortgage payments and property values ease, thanks to the Bank of Canada's pause in interest rate hikes.
But wait, there's more! There are some risks to the forecast, such as the worsening housing supply issue and the possibility of a short and mild recession in 2023. However, don't let this get you down – these are just a few factors to keep in mind.
Now, for the numbers! In 2023, CREA expects 492,674 properties to be sold via MLS, which is a 1.1% decline from 2022. As for the national average home price, it's forecasted to drop by 4.8% to $670,389 in 2023.
But hold on, 2024 looks brighter! National home sales are forecasted to rise by 13.9% to 561,090 units, while the national average home price is expected to recover by 4.7% to around $702,200.
So there you have it, folks! Get ready for a rollercoaster ride in the Canadian housing market, but rest assured that things are looking up in the long run. Stay tuned for more updates and happy house hunting!