CREA Updates Resale Housing Market Forecast
Ottawa, ON January 16, 2023 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations in 2023 and extended the outlook to 2024.
The national average home price is forecast to decline 5.9% on an annual basis to $662,103 in 2023. It’s important to note that based on the monthly data under the surface, that decline has already happened over the course in 2022; however, the record setting start to that year will be reflected as a decline this year as prices are not expected to be anywhere near those record levels in 2023.
National home sales are forecast to rise by 10.2% to 546,625 units in 2024 as markets continue to return to normal.
This would still be below the 2020 and 2021 figures. The national average home price is forecast to recover by a moderate 3.5% from 2023 to 2024 to around $685,056, below 2022 but back on par with 2021.