The Canadian Real Estate Association says it is scaling back its housing market forecast for the remainder of the year amid increased levels of supply and a quiet spring spurred by fewer interest rate cuts expected in 2024.
The association said Friday it anticipates a gradual rebound in the national housing market, with 472,395 properties forecast to trade hands this year to mark a 6.1 per cent increase from 2023 — down from its forecast in April of a 10.5 per cent gain.
The revised forecast came as CREA reported the latest national home sales and pricing data for June.
On a year-over-year basis, the number of homes
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