Canadian Real Estate Association Downgrades Housing Market Forecast

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Real Estate Notícia

CREA,Housing Market,Interest Rates

The Canadian Real Estate Association (CREA) has lowered its housing market forecast for the remainder of 2023, citing the impact of recent Bank of Canada interest rate cuts. The association now predicts that national home sales will remain relatively stagnant until spring 2024.

Sammy Hudes, The Canadian PressAfter catching you up on the news of the week, Amanda Lang speaks with Aled ab Iorweth, deputy chief economist with the Canada Mortgage and Housing Corporation, to check in on the pace of Canadian home construction and whether it will meet our future housing needs.

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. 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 1.9 per cent month-over-month from August after the Bank of Canada’s third straight rate cut.

“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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