The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity for 2023 and 2024. It\u2019s predicting good news for the market in the coming year \u2013 not a full recovery, but the start of a market turnaround.<\/p>\n
Home prices across the nation are a mixed bag, with some local markets being relatively affordable while others continue to struggle with affordability issues. Most markets have seen prices cool since their peak in early 2022 but are still well above where they were in 2020.<\/p>\n
Despite price unpredictability and eight interest rate hikes in the last year, home sales have remained relatively stable since the summer \u2013 suggesting the shock from the Bank of Canada\u2019s efforts to slow inflation is starting to fade.<\/p>\n