The Canadian Real Estate Association (CREA) has revised its forecast for home sales and prices due to changing expectations around interest rate cuts. The market anticipates the Bank of Canada will reach a "neutral" rate by next spring or summer, leading to a holding pattern in sales until then. CREA forecasts 468,900 residential properties will be sold in 2024, a 5.2% increase from 2023, with average home prices rising to $683,200. Sales are expected to climb further in 2025 as interest rates decline.
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