CREA Adjusts Housing Market Forecast Amid Lingering Sales Stagnation

Despite interest rate cuts, Canada's housing market remains sluggish, with expectations for a rebound in 2025.

CREA has revised its 2024 housing market forecast, predicting a 5.2% increase in property sales, down from earlier estimates.
The Bank of Canada's interest rate cuts have not significantly stimulated the housing market as anticipated.
September home sales rose modestly by 1.9% from August, with the average home price reaching $669,630.
An increase in new property listings was observed, though total listings remain below historical averages.
CREA anticipates a sharper market rebound in 2025, expecting a 6.6% rise in home sales and a 4.4% increase in average home prices.