Average home price to end the year 4.8% lower than 2022, will rise 4.7% in 2024: CREA

The Canadian Real Estate Association expects the national average price of a home to end the year 4.8 per cent lower than 2022, but says prices will rise by roughly the same amount in 2024.

The association’s prediction amounts to an average price of $670,389 this year and $702,214 next year, when prices are expected to increase by 4.7 per cent.

The board also foresees home sales falling 1.1 per cent to 492,674 this year and then rising 13.9 per cent to 561,090 in 2023.

It says the forecast accounts for little change in month-over-month sales seen since summer 2022 and the modest monthly gains recorded in February and March.

The board’s forecast was released as it announced March home sales fell 34.4 per cent to 41,636 from the year before and on a seasonally-adjusted basis, reached 33,833, about one per cent higher than they had been in February.

The average home price was $686,371 in March, down 13.7 per cent from the year prior but up almost $75,000 from its January 2023 level.

This report by The Canadian Press was first published April 14, 2023.

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