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March home sales, average price rise from year ago

The Canadian Real Estate Association (CREA) has reported a modest uptick in home sales for the month of March, marking a 1.7% increase compared to the same period last year.

This increase coincided with a steady growth in the average price of homes sold during the same timeframe. In March 2024, the average price of a home reached $698,530, reflecting a two per cent rise from March 2023 figures.

Looking at month-to-month comparisons, CREA notes a 0.5% increase in home sales from February to March of this year, indicating a consistent demand within the market.

CREA's revised projections for the year anticipate further growth, with an expected total of 492,083 homes set to change ownership throughout 2024. This forecast represents a notable 10.5% surge compared to the previous year's numbers, highlighting sustained activity in the housing sector.

Additionally, CREA forecasts a continued upward trajectory in home prices, with the national average expected to climb by 4.9% on an annual basis, reaching $710,468 by the end of 2024.

These revised projections reflect an adjustment from CREA's earlier forecast released in January, which predicted a slightly lower increase in both home sales and average prices for the year. Originally, CREA had anticipated a 10.4% rise in home sales and a 2.3% increase in the average home price for 2024.

The updated outlook suggests a more robust performance in the Canadian housing market, with demand remaining steady and prices continuing to trend upwards. This resilience in the face of economic fluctuations underscores the enduring appeal of real estate as an investment and the importance of housing as a fundamental aspect of the Canadian economy.

As the year progresses, stakeholders will be closely monitoring these trends, assessing the implications for both buyers and sellers in the dynamic landscape of Canadian real estate.



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