(Ottawa) The Canadian Real Estate Association (CREA) lowered its forecast for home sales this year on Wednesday, adding that the limited supply of homes for sale would continue to push prices up.
Posted on September 15, 2021 at 11:00 a.m.
The association predicts that around 656,300 homes will change hands this year, an increase of almost 19% from 2020 levels, but a decrease of almost 4% from the 682,900 transactions announced earlier this year. .
According to the association, the downward revision of its forecast on sales – which despite everything continues to represent a record number of transactions – is explained by the faster than expected fall in sales in the spring.
The ACI now calculates that the national average home price is expected to hit $ 680,000 this year, up 19.9% from a year ago. Its previous forecast called for an average price of nearly $ 678,000 for 2021.
Home sales in Canada are expected to fall 12.1% to about 577,000 in 2022, while prices are expected to increase 5.6% on an annual basis to about $ 718,000 next year.
Along with its new forecast, CREA said on Wednesday that month-over-month home sales edged down 0.5% to 48,379 in August. Compared to a year ago, home sales were down 14% last month.