The Canadian Real Estate Association has lowered its forecast for home sales in Canada due to limited inventory and recent interest rate hikes by the Bank of Canada.– Sales in 2023 are now expected to decrease by 6.8% compared to the previous year, a larger decline than the 1.1% decrease predicted in April.– In June, home sales started to decline, with a 1.5% increase in transactions compared to May, which is smaller than the increases seen in April and May.– The housing market is facing pressure from a lack of available homes and higher interest rates, leading to a slowdown in sales.
As covered by a recent article published on Bloomberg, the Canadian Real Estate Association has revised its forecast for home sales in Canada. The industry group, which represents real estate brokers, has lowered its expectations due to tight inventory levels and the Bank of Canada’s recent interest rate hikes.
The Canadian Real Estate Association now predicts that home sales in 2023 will be down 6.8% compared to the previous year. This is a more significant decline than the 1.1% decrease that was forecasted in April. The housing market has been facing increasing pressure, and this downward revision reflects the challenges it currently faces.
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Source: www.bollyinside.com
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