Canada Real Estate Market Sees Significant Increase in Home Sales and Prices
The Canadian Real Estate Association reports a 3.7% rise in home sales and a 5.1% increase in average house prices in December 2022, marking the largest year-over-year gain since August. Newly listed homes, however, fell by 5.1% on a month-over-month basis.
The Canadian Real Estate Association has reported a significant increase in home sales and average house prices in December. According to the association, home sales were up by 3.7 per cent compared to the same month in 2022, marking the largest year-over-year gain since August. The actual national average price of a home sold in December was $657,145, reflecting a 5.1 per cent increase from December 2022. However, the number of newly listed homes fell by 5.1 per cent on a month-over-month basis in December.
CREA has noted that while December saw a surprise surge in sales numbers, the true test of the market's resilience will come in the spring when the Bank of Canada is expected to start cutting its key interest rate. The association has also updated its 2024 housing forecast, predicting a 10.4 per cent increase in residential property transactions from 2023, with the national average home price forecasted to climb by 2.3 per cent on an annual basis to $694,173 this year.
The Canadian real estate market has experienced a notable uptick in sales and average prices, but the true test of its resilience will come in the face of potential interest rate cuts in the spring.
Canada Real Estate Market Sees Significant Increase in Home Sales and Prices
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