The housing market is in a holding pattern, according to the Canadian Real Estate Association . Kyle Benning has the details and more in Business Matters for Sept. 16, 2024 – Sep 16, 2024The Canadian Real Estate Association is downgrading its housing market forecast for the remainder of the year again, saying the Bank of Canada’s interest rate cuts haven’t spurred the gradual improvement it previously anticipated.
That would mark a 5.2 per cent increase from 2023, down from its July prediction of a 6.1 per cent bump and its April outlook of 10.5 per cent. It said the average price of a home sold last month amounted to $669,630, up 2.1 per cent from September 2023. The association said it is now forecasting just a 0.9 per cent annual increase for 2024 to $683,200, down from its previous outlook of a 2.5 per cent annual increase.On a year-over-year basis, the number of homes that changed hands in September rose 6.9 per cent, but CREA said sales ticked up just 1.
“Sales gains are now three for three in the months following interest rate cuts, which is a trend even though the increases weren’t headline-grabbing,” said CREA senior economist Shaun Cathcart in a press release.“That said, with the pace of rate cuts now expected to be much faster than previously thought, it’s possible some buyers may choose to hold off on a purchase for now. This could further boost the rebound expected in 2025 at the expense of the last few months of this year.
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