Canadian Home Sales See Worst Year Since 2008 Financial Crisis

Canadian home sales saw an unexpected increase in December 2023, but it was still the worst year since 2008. The market is not expected to recover just yet, and the true test will come in the spring. Despite the recent sales gains, the housing price index has been declining. CREA has updated its forecast for 2024 and 2025, expecting an increase in sales activity and average prices due to falling interest rates.

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