Average price of a home in Canada to drop 4.8% this year, retrace the decline in 2024: CREA

OTTAWA — The Canadian Real Estate Association expects the 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 forecasts home sales will fall 1.1 per cent to 492,674 this year and then rise 13.9 per cent to 561,090 in 2024.

It says the prediction 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 released its forecast 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.