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.
The new forecast comes as CREA says the average price of a home sold in September amounted to $669,630, up 2.1 per cent from September 2023. The association says 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.
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