CREA cuts housing market forecast for 2024 despite June sales rising

📆 2024-07-12 6:02 PM
📰 BNNBloomberg

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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.

Sammy Hudes, The Canadian PressPhil Soper, president and CEO of Royal LePage, joins BNN Bloomberg to discuss real estate and home prices.

“It wasn’t a ‘blow the doors off’ month by any means, but Canada’s housing numbers did perk up a bit on a month-over-month basis in June following the first Bank of Canada rate cut,” said CREA senior economist Shaun Cathcart in a press release. CREA said it is now forecasting just a 2.5 per cent annual increase in the average price of a home for 2024 to to $694,393. That’s down from its previous forecast of a 4.9 per cent increase.

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CREA cuts housing market forecast for 2024 despite June sales risingThe 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.
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