In its latest housing market outlook released Thursday, the association said it expects 532,545 properties to trade hands via Canadian MLS systems this year.
Canadian Real Estate Association
After fuelling Canada's economy through the COVID-19 pandemic, the real estate market is showing signs of weakness as home prices fall and bidding wars dissipate.
On a seasonally adjusted basis, the association says sales in July fell 5.3 per cent compared with June. The actual number of sales last month was 37,975, down 29 per cent compared with July last…
The association revealed Friday that June home sales amounted to 48,176, a 24 per cent drop from 63,280 during the same month last year.
Economists attribute much of the cooling to rising interest and mortgage rates.
Canadian homebuyers are increasingly considering credit unions and private lenders to secure mortgages as rates rise, brokers say.
Realtors and lawyers say they have noticed buyers looking at what options they have to get out of a purchase because conditions have shifted dramatically from the previous highs and frenzied pace.
The association found the number of homes sold dropped by 25.7 per cent to 54,894 last month from 73,907 in April 2021, when the country set a record for the month.
Firm is now predicting the aggregate price of a home in Ottawa will jump 13 per cent in the fourth quarter of 2022 compared with a year earlier, up from its earlier forecast of nine per cent.
The average price in the nation’s capital last month was $730,300, according to the Canadian Real Estate Association, up from $630,000 in February 2021.