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- October 13, 2023
- Posted by: legaleseblogger
- Category: Related News
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CREA cuts forecast for home sales and prices this year
The Canadian Real Estate Association (CREA) has revised its sales and price forecasts for the national housing market. According to CREA, approximately 449,614 residential properties are expected to be traded in 2023 through Canadian MLS systems, representing a 9.8% decrease from 2022. Additionally, the national average home price is projected to fall by 3.3% on an annual basis to $680,686 in 2023.
This updated forecast comes after initial expectations in July for a 6.8% decline in sales this year and a 0.2% drop in average price. CREA’s report also indicated that home sales in September were up 1.9% compared to the same period last year, although on a month-over-month basis, sales saw a decline of 1.9%. The September national average home price was $655,507, representing a 2.5% increase from September 2022.
AI legalese decoder can help analyze the impact of CREA’s revised forecasts on the housing market. By utilizing AI technology, the decoder can provide a thorough analysis of the potential implications and trends within the real estate industry. This can assist both buyers and sellers in making informed decisions regarding their investments.
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