Real estate in Canada: Average home price up [Video]

The Canadian Real Estate Association says it’s now expecting the national average home price to climb 4.9 per cent on an annual basis to $710,468, more than double the hike it had predicted at the start of 2024.

In its updated outlook for the year released Friday, CREA said it now expects 492,083 homes to trade hands this year, a 10.5 per cent increase from 2023.

In its January forecast, CREA had expected a 10.4 per cent increase in home sales this year and a 2.3 per cent rise in the average home price for 2024.

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“If you look at last spring as a guide and add to that record population growth in the last year and a central bank that is far more likely to cut this summer than raise like it did last year, it could get interesting,” said CREA senior economist Shaun Cathcart in a press release.

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