The Canadian Real Estate Association has once again revised its housing market forecast for the remainder of the year, saying the interest rate reductions by the Bank of Canada have not led to the gradual improvement it initially predicted.
Canada’s housing market will remain in “more of a holding pattern” until next spring when a “sharper rebound” is expected, the Canadian Real Estate Association (CREA) said in its latest quarterly forecast.
“The result is a slight downward revision to sales this year and next, but with the potential for much stronger momentum beginning in the second quarter of 2025,” the agency said in its report. “Some 468,900 residential properties are forecast to trade hands via Canadian MLS Systems in 2024, a 5.2 percent increase from 2023.”…