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Oct 21, 2024

CREA lowers 2024 housing forecast amid sluggish sales

The Canadian Real Estate Association (CREA) has downgraded its housing market forecast for 2024, citing stagnant sales despite recent interest rate cuts by the Bank of Canada. CREA expects 468,900 properties to trade hands by the end of the year, a 5.2% rise from 2023, but below its earlier prediction of 6.1%.

 

Average home prices in September increased by 2.1% year-over-year, reaching $669,630. However, CREA revised its 2024 price growth forecast down to 0.9%.

 

While September sales were up 6.9% from a year earlier, month-over-month gains slowed to 1.9%. CREA anticipates stronger market activity by spring 2025 as interest rates continue to decline.

 

Despite the rate cuts, Toronto real estate agent Davelle Morrison noted buyers are still cautious.

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