Forecast for home prices, sales scaled back after slow spring: CREA – National [Video]

Despite hope for lower interest rates in the months ahead, the Canadian Real Estate Association is scaling back expectations for home sales and prices after a slower-than-usual spring season.

CREA released an updated housing outlook on Friday that saw it revise down forecasts for both 2024 and 2025.

The organization now expected some 472,395 properties to change hands this year, a bump of 6.1 per cent from last year’s figures but below the anticipated 492,083 sales it called for in its previous forecast from April.

Home prices will end up at an average of $694,393 nationally, CREA said, an annual gain of 2.5 per cent. The organization’s earlier forecasts called for 4.9 per cent growth to an average price of $710,468.

CREA sees more recovery in the housing market in 2025 as interest rates are expected to decline, with 501,902 sales and an average price of $729,319. That’s also down from April’s expectations for 530,494 sales and an average …