OTTAWA — The Canadian Real Estate Association says it expects home sales this year to edge down 0.5% compared with 2022.

In its updated forecast for the year, it also says it expects the average home price to decline 5.9% on an annual basis to $662,103 in 2023.

For 2024, CREA expects home sales to rise by 10.2% as markets continue to return to normal, while it expects the national average home price to gain 3.5% from 2023 to 2024 to around $685,056, below 2022 but back on par with 2021.

The outlook came as CREA reported home sales in December 2022 were down 39.1% compared with a year earlier.

However, the association says national home sales in December 2022 were up 1.3% on a month-over-month basis.

The actual national average home price in December was $626,318, down 12% from the final month of 2021.

This report by The Canadian Press was first published Jan. 16, 2023.

CREA Predicts 2023 Home Sales to Edge Down 0.5% from 2022 Mark by The Canadian Press | BIV