Nearly 490,000 residential properties are forecast to trade hands via Canadian MLS Systems in 2024, according to a new forecast from the Canadian Real Estate Association (CREA). This would represent a 10.4% increase from 2023.
CREA is predicting the bigger sales gains this year will be in the provinces where housing demand is strong, particularly Alberta, and the trade group is expecting a rebound in markets burdened with historically low sales volumes, such as British Columbia, Ontario and Nova Scotia.
CREA also expected the national average home price is forecast to climb 2.3% on an annual basis to $694,173 in 2024, with price gains above the national average to occur in Alberta, Quebec, New Brunswick, Nova Scotia and Newfoundland and Labrador. National home sales are forecast climb another 7.3% to 525,498 units in 2025 as interest rates continue to decline and approach more normal or “neutral” levels.
CREA also reported Canada’s national housing market ended 2023 on a high note with home sales activity during December up 8.75% from the previous month and up 3.7% from one year earlier. This transpired while the number of newly listed properties dropped 5.1% month-over-month.
