The Canadian Real Estate Association (CREA) has revised its forecast for home sales activity and prices, anticipating a slower market in the short term due to shifting interest rate expectations. While the market is expected to remain in a holding pattern until next spring, a sharp rebound is predicted for the second quarter of 2025, driven by declining interest rates and pent-up demand.
Despite two interest rate cuts by the Bank of Canada, the Canadian housing market continues to show signs of stagnation. While home sales saw a slight increase in August, overall activity remains largely unchanged since the beginning of the year. This suggests that buyers are still waiting for more significant price drops and improved affordability before making a move.
The Canadian housing market experienced a minor dip in July, with home sales decreasing slightly. However, experts anticipate a rebound in activity in 2025, fueled by recent interest rate cuts and pent-up demand. This article examines the key figures and trends from July, including sales activity, new listings, and price changes.
