CREA lowers housing market forecast for 2024 amid 'holding pattern' for home sales

  • 📰 DCN_Canada
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 74%

Belgique Nouvelles Nouvelles

Belgique Dernières Nouvelles,Belgique Actualités

Canada's construction news

OTTAWA — The 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.

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. “It would be one thing if we had lots of buyers and multiple offers and lots of showings, but the buyers are just taking their time.”

The Bank of Canada began its rate-lowering process in June and has cut its key rate by a quarter-percentage point a total of three times so far this year, bringing it to 4.25 per cent.

 

Merci pour votre commentaire. Votre commentaire sera publié après examen.
Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 17. in BE

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Stagnant housing market prompts CREA to trim 2024 outlookThe Canadian Real Estate Association said Tuesday it now thinks the national housing market will remain in 'more of a holding pattern' until next spring.
La source: GlobalCalgary - 🏆 50. / 61 Lire la suite »

CREA lowers housing market forecast for 2024 amid 'holding pattern' for home salesThe 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.
La source: PGCitizen - 🏆 65. / 51 Lire la suite »

CREA lowers housing market forecast for 2024 amid 'holding pattern' for home salesOTTAWA — The Canadian Real Estate Association is downgrading its housing market forecast for the remainder of the year again, saying the Bank of Canada's...
La source: YahooFinanceCA - 🏆 47. / 63 Lire la suite »

CREA lowers housing market forecast for 2024 amid 'holding pattern' for home salesOTTAWA — The 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.
La source: SooToday - 🏆 8. / 85 Lire la suite »

CREA lowers housing market forecast for 2024 amid ‘holding pattern’ for home salesThe new forecast comes as CREA says the average price of a home sold in September amounted to $669,630, up 2.1% from September 2023
La source: globeandmail - 🏆 5. / 92 Lire la suite »

CREA lowers housing market forecast for 2024 amid 'holding pattern' for home salesThe 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.
La source: CTVNews - 🏆 1. / 99 Lire la suite »