The Canadian Real Estate Association (CREA) has cut its forecast for home sales in 2022 and indicated lower price growth expectations amid a protracted housing market cooldown.
The association said the number of properties sold via Canadian MLS systems this year will likely fall by about 20% compared with 2021, with just over 532,500 sales anticipated.
Those projections, revealed in its latest housing market outlook, reflect a starker forecast than its previous report in June. Then, CREA said the national average home price would increase 10.8% this year and sales would fall by 14.7%.
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