{"id":23096,"date":"2023-12-19T11:11:00","date_gmt":"2023-12-19T19:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23096"},"modified":"2023-12-18T13:08:24","modified_gmt":"2023-12-18T21:08:24","slug":"bright-outlook-for-home-sales-not-guaranteed-as-bank-of-canada-weighs-its-options","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/12\/bright-outlook-for-home-sales-not-guaranteed-as-bank-of-canada-weighs-its-options\/","title":{"rendered":"Bright Outlook for Home Sales Not Guaranteed as Bank of Canada Weighs Its Options"},"content":{"rendered":"<p style=\"text-align: justify;\">The Canadian Real Estate Association (CREA) recently updated its forecast for home sales activity and average home prices of Canadian real estate boards and associations for 2023 and 2024.<\/p>\n<p style=\"text-align: justify;\">Some 449,614 residential properties are forecast to trade hands in 2023, a 9.8% decline from 2022. The downward revision to sales was predominantly due to fewer expected sales in Ontario and British Columbia. These more than offset an upward revision to the forecast for activity in Alberta.<\/p>\n<p style=\"text-align: justify;\">The national average home price is forecast to decline by 3.3% on an annual basis to $680,686 in 2023. National home sales are forecast to rebound by 9% to 490,257 units in 2024 as interest rates get closer to, and eventually start, trending down and housing markets make a turn back towards their long-term trends. This forecast would place activity close to the pre-pandemic 10-year average.<\/p>\n<p style=\"text-align: justify;\">\u201cThe major risk to this forecast remains what happens with the data that the Bank of Canada is eyeing and what that means for its key policy interest rate between now and next spring,\u201d CREA cautions.<\/p>\n<p style=\"text-align: justify;\">\u201cThe current assumption is either no more hikes, or at most one more, along with some indication from the BoC at some point that the next move will likely be down,\u201d CREA stated.<\/p>\n<p style=\"text-align: justify;\">But no one really knows.<\/p>\n<p style=\"text-align: justify;\">BoC&#8217;s decision to hold its policy rate steady at 5% on Dec. 6 didn&#8217;t clarify things.<\/p>\n<p style=\"text-align: justify;\">\u201cThe bank is continuing its policy of quantitative tightening,\u201d it said. \u201cGoverning Council is still concerned about risks to the outlook for inflation and remains prepared to raise the policy rate further if needed.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>British Columbia<\/strong><\/p>\n<p style=\"text-align: justify;\">The British Columbia Real Estate Association (BCREA) is forecasting that provincial housing sales will increase 4.8% in 2024 after declining by the same amount, year-over-year, in 2023. The average BC home price is forecast to increase 1.6% next year, as compared to 2023, to $992,900.<\/p>\n<p style=\"text-align: justify;\">In BC\u2019s Lower Mainland, the BCREA is forecasting a slight contraction in sales and prices 2023, before sales rise and prices appreciate in 2024.<\/p>\n<p style=\"text-align: justify;\">In Greater Vancouver, it estimates that composite home prices will rise 1% in 2024 to $1.29 million.<\/p>\n<p style=\"text-align: justify;\">In the Fraser Valley, the BCREA expect prices to fall 7% in 2023 before increasing 3% in 2024 to $1.05 million. In Chilliwack, it forecast prices to fall 8% in 2023 and rise 1% in 2024 to $755,000.<\/p>\n<p style=\"text-align: justify;\">\u201cIn 2024, we anticipate sales to recover in each region, with growth of from 3% to 8%,\u201d according to the BCREA.<\/p>\n<p style=\"text-align: justify;\"><strong>Alberta and Prairies<\/strong><\/p>\n<p style=\"text-align: justify;\">Prices in Alberta are expected to outperform the rest of Canada in 2024, with a forecast gain of 4.8% compared to 2023. Modest price growth in the 1% to 2.5% range is forecast for other Prairie provinces in 2024, according to the CREA forecast.<\/p>\n<p style=\"text-align: justify;\">The Prairies are poised to outperform the nation in 2024, said a new housing report by TD Economics.<\/p>\n<p style=\"text-align: justify;\">\u201cMoving forward, the same factors that have been helping to prop up markets in the Prairies over the past year are likely to remain in place,\u201d TD economist Rishi Sondhi said in the report. \u201cThis relatively resilient demand backdrop should also lead price growth in the Prairies to outperform the rest of Canada in 2024.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2023\/12\/crea-housing-sales-forecast-hinges-bank-canada-moves\" target=\"_blank\" rel=\"noopener\">CREA Housing Sales Forecast Hinges on Bank of Canada Moves<\/a> by Peter Mitham | Western Investor | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian Real Estate Association (CREA) recently updated its forecast for home sales activity and average home prices of Canadian real estate boards and associations for 2023 and 2024. Some &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/12\/bright-outlook-for-home-sales-not-guaranteed-as-bank-of-canada-weighs-its-options\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-23096","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bright Outlook for Home Sales Not Guaranteed as Bank of Canada Weighs Its Options &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/12\/bright-outlook-for-home-sales-not-guaranteed-as-bank-of-canada-weighs-its-options\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Bright Outlook for Home Sales Not Guaranteed as Bank of Canada Weighs Its Options &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Canadian Real Estate Association (CREA) recently updated its forecast for home sales activity and average home prices of Canadian real estate boards and associations for 2023 and 2024. 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