The association’s forecast amounts to 495,858 changing hands in 2023 and is based on sales “more or less” stabilizing since the summer, “suggesting the downward adjustment to sales activity from rising interest rates and high uncertainty may be in the rear-view mirror.”
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CREA predicts 2023 home sales to edge down 0.5 per cent from 2022 mark
The Canadian Real Estate Association expects home sales to edge down less than one per cent and prices to fall almost six per cent from 2022
Here’s What $1M Homes Look Like Across Canada
While $1M may be below the average home price in major real estate markets like Toronto and Vancouver, having a seven-figure budget will get you a lot further in many other Canadian cities.
People are leaving Canada's biggest cities amid a housing crunch
Toronto, the country’s biggest urban centre, saw nearly 100,000 people leave the area, with 78 per cent choosing to settle in other parts of the province over a one-year period to July 1
International migration, however, more than offset these losses. The data showed most newcomers preferred large urban centres over rural areas. Canada’s largest population centres gained more than 600,000 people from international migration, compared with just 21,000 settling in smaller communities.