Canadian home sales finish strong in 2024 as CREA forecasts rebound this year

The Canadian Real Estate Association expects home sales to grow 8.6 per cent this year, saying a surprisingly strong fourth quarter in 2024 bodes well for a rebound in most housing markets across the country.

The association forecasts 532,704 residential properties will trade hands in 2025. The outlook represents a boost from CREA’s prediction last fall of a 6.6 per cent national increase in home sales this year.

It also expects the national average home price to rise by 4.7 per cent on an annual basis to $722,221 compared with its earlier forecast of a 4.4 per cent increase.