CREA Scales Back Resale Housing Market Forecast
The Canadian Real Estate Association (CREA) has scaled back its housing market forecast for 2024 and 2025, as a result of another quiet spring and increased levels of supply.
Expectations around interest rate cuts this year have been dialed back since CREA’s last forecast in April.
CREA noted that supply has also built up by more than expected as large numbers of sellers came to the market with properties for sale in the spring. Despite this, however, buyers remained on the sidelines, according to CREA.
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