July 20th, 2024

Canadian home sales close out 2023 with ‘surprise’ gains: CREA

By The Canadian Press on January 15, 2024.

The Canadian Real Estate Association says home sales rose in December as the average price of a home sold also saw a boost compared with a year earlier. A real estate sign is displayed in front of a house in Toronto on Wednesday, September 29, 2021. THE CANADIAN PRESS/Evan Buhler

OTTAWA – The Canadian Real Estate Association says home sales rose in December as the average price of a house sold also climbed compared with a year earlier.

The association says December home sales were up 3.7 per cent compared with the same month in 2022, marking the largest year-over-year gain since August.

The actual national average price of a home sold in December was $657,145, up 5.1 per cent from December 2022.

The number of newly listed homes fell 5.1 per cent on a month-over-month basis in December.

CREA says that while December saw a “surprise” in sales numbers to cap the year, the real test of the markets’ resilience will be in the spring, when the Bank of Canada is expected to start cutting its key interest rate.

The association also updated its 2024 housing forecast, with 489,661 residential properties expected to trade hands – a 10.4 per cent increase from 2023 – and the national average home price forecast to climb 2.3 per cent on an annual basis to $694,173 this year.

This report by The Canadian Press was first published Jan. 15, 2024.

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