Canadian Real Estate Association cuts forecast for home sales and prices this year

The Canadian Real Estate Association is lowering its forecast for home sales and prices this year due to weakness in Ontario and B.C.

The association says it expects some 449,614 residential properties to trade hands via Canadian MLS systems in 2023, a 9.8 per cent drop from 2022. 

Meanwhile, the national average home price is forecast to fall 3.3 per cent on an annual basis to $680,686 in 2023.

The updated forecast compared with expectations in July for a 6.8 per cent decline in the number of sales this year and a 0.2 per cent drop in the average price.