CREA cuts market forecast for 2024
Toronto Star|July 13, 2024
June sales rise but 'affordability conditions' an issue
SAMMY HUDES
CREA cuts market forecast for 2024

The Canadian Real Estate Association says it is scaling back its housing market forecast for the remainder of the year amid increased levels of supply and a quiet spring spurred by fewer interest rate cuts expected in 2024.

The association said Friday it anticipates a gradual rebound in the national housing market, with 472,395 properties forecast to trade hands this year to mark a 6.1 per cent increase from 2023 down from its forecast in April of a 10.5 per cent gain. The revised forecast came as CREA reported the latest national home sales and pricing data for June.

On a year-over-year basis, the number of homes that changed hands in the month fell 9.4 per cent, reflecting stronger activity in spring 2023. But CREA said sales ticked up 3.7 per cent on a month-over-month basis.

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