By Sammy Hudes
In its updated outlook for the year released Friday, CREA said it now expects 492,083 homes to trade hands this year, a 10.5% increase from 2023.
In its January forecast, CREA had expected a 10.4% increase in home sales this year and a 2.3% rise in the average home price for 2024.
“If you look at last spring as a guide and add to that record population growth in the last year and a central bank that is far more likely to cut this summer than raise like it did last year, it could get interesting,” said CREA senior economist Shaun Cathcart in a press release.
“Will the story be high interest rates keeping a lot of people on the sidelines this year, or the much expected and anticipated first rate cuts enticing a lot of people back into the market? Probably a bit of both.”
The revised forecast came as CREA reported the…
