Home Sales Forecast to Ease but Remain Historically Strong in 2022-2023
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations in 2022 and extended the forecast into 2023.
Home sales have kicked off 2022 below 2021 levels, while price growth has continued to set records. This is consistent with strong demand meeting end-of-month inventory levels that are lower than they have ever been.
Along with the ongoing supply crisis, the other main factor expected to impact housing markets this year and next will be higher interest rates.
While discounted five-year mortgage rates have already begun to rise – a…
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