The Canadian Real Estate Association has downgraded its home sales forecast for this year and next as fewer buyers jump into the market.
The forecast took into account a sales rebound that took shape in most parts of the country in recent months, but also factored in interest rate hikes, which are continuing to weigh on borrowing costs and buyer sentiment. "New listings are now catching up to sales, although this isn’t expected to translate into further big gains in activity as some buyers will likely be moving back to the sidelines, as they did in 2022, to wait for additional signals from the Bank of Canada and the data it bases policy on," the association said in a Friday release.
Meanwhile, the average price reached $709,218, up 6.7 per cent from June 2023. On a seasonally-adjusted basis, it was $709,103, down 0.7 per cent from a year prior. "Most importantly, the recovery in new listings over the last few months will give buyers more choice and should help to slow price growth over the second half of the year."
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