CREA: AVERAGE HOME PRICE TO END YEAR 4.8% LOWER, BUT RISE BY NEARLY SAME AMOUNT IN 24

Apr 14, 2023

By Bob Komsic

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The average price of a home in Canada is expected to be 4.8% lower by the end of the year, but then rise by almost as much next year.

That’s the prediction of the Canadian Real Estate Association, which forecasts this year’s average price will be $670,389 but believes will rise next year by 4.7% to $702,214.
CREA also sees sales falling 1.1% this year and then climbing 13.9% in 2024.
The forecast comes as data for March shows home sales fell 34.4% from a year ago and on a seasonally-adjusted basis, were about 1% higher than they’d been in February.
The average home price in March was $686,371 — down 13.7% compared with a year earlier but up nearly $75,000 from January of this year.
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