The Canadian Real Estate Association says it's now expecting the national average home price to climb 4.9 per cent on an annual basis to $710,468, more than double the hike it had predicted at the start of 2024.
In its updated outlook for the year released Friday, CREA said it now expects 492,083 homes to trade hands this year, a 10.5 per cent increase from 2023.
In its January forecast, CREA had expected a 10.4 per cent increase in home sales this year and a 2.3 per cent rise in the average home price for 2024.
"If you look at last spring as a guide and add to that record population growth in the last year and a central bank that is far more likely to cut this summer than raise like it did last year, it could get interesting," said CREA senior economist Shaun Cathcart in a press release.
"Will the story be high interest rates keeping a lot of people on the sidelines this year, or the much expected and anticipated first rate cuts enticing a lot of people back into the market? Probably a bit of both."
The revised forecast came as CREA reported the number of home sales in March rose 1.7 per cent compared with a year ago. The average price of a home sold last month amounted to $698,530, up two per cent from March 2023.
On a month-over-month basis, CREA said home sales in March were up 0.5 per cent.
The number of newly listed homes declined by 1.6 per cent on a month-over-month basis in March.
Meanwhile, there were 3.8 months of inventory on a national basis at the end of March, unchanged from the end of February, but short of the long-term average of about five months of inventory.
Conrad Zurini, owner of Re/Max Escarpment Realty, said despite the Bank of Canada holding its key rate steady for the sixth consecutive time earlier this week, consumers are bracing for borrowing costs to come down.
"Consumers are thinking there's brighter skies ahead," said Zurini, who is based in Hamilton.
"That rate reduction, no matter when it comes this year, I think consumers are thinking it'll add fuel to the fire in terms of home prices and they've got to jump in now."
CREA chair Larry Cerqua noted that while home sales levels for March were "quite flat" on a month-over-month basis, anecdotal evidence from late last month and early April suggests activity is ramping up.
Zurini said he's seeing signs of that potential boom on the ground. According to in-house data at his firm, showings were up 25 per cent week-over-week to kick off the month of April.
"It's going to be, now, can we get the inventory to keep up with the demand?" he said.
He said an appreciation in the value of homes on the market as a result of higher demand could wipe out the savings of a modest interest rate cut when purchasing a home.
"There's an expression in the mortgage world: If you wait for the rate, it could be too late."
This report by The Canadian Press was first published April 12, 2024.
Immigration Minister Marc Miller says international students will be able to work off-campus for up to 24 hours per week starting in September.
Toronto police say 12 people are facing a combined 102 charges in connection with an investigation into a major credit fraud scheme.
Members of Parliament are questioning why Canadian security officials did not inform them that they had been the target of Beijing-linked hackers, after learning from the FBI that the international parliamentary alliance they are a part of was in the crosshairs of the Chinese cyberattack in 2021.
Norovirus is spreading at a 'higher frequency' than expected in Canada, specifically, in Ontario and Alberta, according to the Public Health Agency of Canada.
B.C. Premier David Eby has joined other politicians denouncing remarks at a demonstration in Vancouver where protesters chanted “long live Oct. 7,” praising that day's attacks by Hamas on Israel.
Moderate drinking was once thought to have benefits for the heart, but better research methods have thrown cold water on that.
Tobacco manufacturers have until Tuesday to ensure every king-size cigarette produced for sale in Canada has a health warning printed directly on it.
The clock is ticking ahead of the deadline to file a 2023 income tax return. A personal finance expert explains why you should get them done -- even if you owe more than you can pay.
Anne Hathaway first shared she lost interest in drinking after a bad hangover in 2018. She’s now five years sober.
A Calgary elementary school principal has been charged with possession of child pornography, authorities announced Monday.
McGill University says the growing encampment on its lower field in solidarity with Palestinians in Gaza violates its policies.
Immigration Minister Marc Miller says international students will be able to work off-campus for up to 24 hours per week starting in September.
The University of Ottawa says it supports the freedom of expression on campus, but encampments and occupations 'will not be tolerated' ahead of a pro-Palestinian demonstration expected to take place on campus starting Monday.
More than a dozen wildfires have been reported in Ontario and the union representing forest firefighters says their crews are still short about 25 per cent of their staff.
The union representing thousands of transit workers in Toronto says its members have voted 'overwhelmingly in support' of a strike mandate.
Columbia University's president said on Monday that talks with pro-Palestinian protesters over the dismantling of an encampment on the Ivy League campus had failed and urged them to voluntarily disperse or face suspension from school.
The U.S. State Department has determined that five Israeli security units committed gross violations of human rights prior to the outbreak of the war with Hamas in Gaza.
NATO countries haven't delivered what they promised to Ukraine in time, the alliance's chief said Monday, allowing Russia to press its advantage while Kyiv's depleted forces wait for military supplies to arrive from the U.S. and Europe.
The climate crisis impacts Earth — its land, its atmosphere and its bodies of water — and it also profoundly affects the health and behavior of the planet’s inhabitants large and small, including humanity.
Amateur archaeologists in England have unearthed one of the largest Roman dodecahedrons ever found, but mystery surrounds what it was actually used for.
A newlywed couple had to move their reception venue and its festivities from inside to a covered walkway outside after it left Austin and Jessica Bracker's wedding reception venue, A View West Shores, without power.
Members of Parliament are questioning why Canadian security officials did not inform them that they had been the target of Beijing-linked hackers, after learning from the FBI that the international parliamentary alliance they are a part of was in the crosshairs of the Chinese cyberattack in 2021.
The federal Conservatives are pushing the Liberals to stop allowing drug use in public after British Columbia announced it wants to scale back its decriminalization pilot project.
The Opposition Conservatives are demanding to see contracts related to six electric vehicle projects underway in Canada for information on what they do to protect local union jobs.
Moderate drinking was once thought to have benefits for the heart, but better research methods have thrown cold water on that.
Tobacco manufacturers have until Tuesday to ensure every king-size cigarette produced for sale in Canada has a health warning printed directly on it.
The number of measles cases around the world nearly doubled from 2022 to 2023, researchers say, presenting a challenge to efforts to achieve and maintain elimination status in many countries.
A northern Ontario beekeeper is sounding the alarm after discovering most of her bees had died earlier this year.
Anyone who has a Gen-Z person in their life is likely familiar with the popular social media app TikTok, but a new bill in the U.S. may soon take it off of the American market.
State-sponsored actors targeted security devices used by governments around the world, according to technology firm Cisco Systems, which said the network devices are coveted intrusion points by spies.
Anne Hathaway first shared she lost interest in drinking after a bad hangover in 2018. She’s now five years sober.
The pop performer will embark on a worldwide arena tour this fall, kicking off in Quebec City in Canada on Sept. 29 and concluding in Dublin on July 27, 2025.
The photorealistic-animated prequel to the hit 1994 film "The Lion King" brings back several of the stars of the 2019 Jon Favreau-directed remake of the original, including Beyoncé Knowles-Carter as Nala. Beyoncé's 12-year-old daughter, Blue Ivy Carter, will voice Kiara, the daughter of King Simba and Queen Nala.
The majority of Canadians aspiring to buy a home say they will push their plans to next year or later to wait for interest rates to drop, a new survey shows.
A boycott targeting Loblaw is gaining momentum online, with what could be thousands of shoppers taking their money elsewhere in May.
Medical device maker Philips said Monday it will pay US$1.1 billion to settle hundreds of personal injury lawsuits in the U.S. over its defective sleep apnea machines, which have been subject to a massive global recall.
A nearly century-old church in one of Vancouver's most desirable neighbourhoods is up for sale.
A gold watch worn by John Jacob Astor IV, a member of the wealthy Astor family and the richest man aboard the Titanic, sold for a record-breaking US$1.485 million at auction on Saturday.
Employees increasingly find that robust workplace volunteer programs meet their desires for in-person connections, professional growth and altruistically inclined employers — career objectives that might be missing in conventional corporate atmospheres.
Montreal's Felix Auger-Aliassime advanced to the fourth round of the Madrid Open tennis tournament Monday in a walkover after Czech opponent Jakub Mensik retired.
Tributes continue to pour in for Bob Cole as his family has confirmed a funeral will be held for the legendary broadcaster Friday in St. John's, N.L.
Mike Tyson is clearly taking his fight with Jake Paul seriously as he detailed elements of his training regime, which he says includes not smoking marijuana as well as abstaining from sex.
On a three-lane test track along the Monongahela River, an 18-wheel tractor-trailer rounded a curve. No one was on board.
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
Ford’s electric vehicle unit reported that losses soared in the first quarter to US $1.3 billion, or US$132,000 for each of the 10,000 vehicles it sold in the first three months of the year.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
The lawyer for a residential school survivor leading a proposed class-action defamation lawsuit against the Catholic Church over residential schools says the court action is a last resort.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
B.C. Premier David Eby has joined other politicians denouncing remarks at a demonstration in Vancouver where protesters chanted “long live Oct. 7,” praising that day's attacks by Hamas on Israel.
British Columbia has secured eight new sites for its BC Builds program, in which land owned by the province, non-profits or community groups is pre-zoned to build middle-income rental housing.
A nearly century-old church in one of Vancouver's most desirable neighbourhoods is up for sale.
Toronto police say 12 people are facing a combined 102 charges in connection with an investigation into a major credit fraud scheme.
Ontario Premier Doug Ford says the province's latest attempts to limit cellphone use in classrooms are designed to help students focus on learning.
Norovirus is spreading at a 'higher frequency' than expected in Canada, specifically, in Ontario and Alberta, according to the Public Health Agency of Canada.
A Calgary elementary school principal has been charged with possession of child pornography, authorities announced Monday.
Premier Danielle Smith will be in Calgary on Monday to announce more details about a plan to improve rail service in Alberta.
A low complex (multiple low-pressure systems) across the western Prairies and B.C. will create some challenging conditions over the next few days.
Premier Doug Ford announced the province will be opening a new regional office dedicated to Ottawa on Monday.
Via Rail says it will be operating an early-morning train service between Ottawa and Toronto for commuters hoping to arrive before 9 a.m.
A report for the city's finance and corporate services committee recommends the city implement an administrative penalty system for adjudicating parking and camera-based offences, with municipally appointed hearing officers adjudicating ticket disputes instead of the provincial courts system.
McGill University says the growing encampment on its lower field in solidarity with Palestinians in Gaza violates its policies.
In a time of push for bigger and better infrastructure, Quebec researchers are working toward an environmentally friendly way to build bridges and construct sidewalks.
Manager Geneviève Biron has been named the first head of the government corporation Santé Québec. Minister of Health and Social Services Christian Dubé made the announcement Monday afternoon in Quebec City.
An oilfield equipment supply company has been ordered to pay $360,000 in connection with the death of a worker more than two years ago.
As the urban centre at the heart of Canada's oilsands industry, Fort McMurray has seen more than its share of ups and downs.
Premier Danielle Smith will be in Calgary on Monday to announce more details about a plan to improve rail service in Alberta.
Police have charged a third youth in connection with the death of a teenager in Halifax last week.
A Bedford, N.S., man has been charged with stunting after the RCMP says he was caught driving more than 138 km/h over the posted speed limit.
A high school in Halifax is dismissing students early Monday due to an alleged threat.
The trial of a Winnipeg man accused of killing four women began this morning with a preliminary matter before the jury is called in next week.
The trial for the man accused of killing four Indigenous women in Winnipeg is set to get underway on April 29.
Winnipeg forward Vladislav Namestnikov was hospitalized Sunday after taking a slapshot to the side of the head during the third period of the Jets' 5-1 loss to the Colorado Avalanche.
A 20-year-old Kindersley man faces multiple charges for impaired driving and failing to stop at the scene of a fatal crash that led to the death of a 21-year-old man in the town west of Saskatoon early Saturday morning.
Saskatchewan has brought in resources early to prepare for this year's fire season. A drier than normal summer is forecast with eleven fires currently active.
Residential street sweeping in Regina is set to get underway this week with more than 1,000 kilometres of roadway expected to be cleaned over the next six weeks.
Ontario Premier Doug Ford says the province's latest attempts to limit cellphone use in classrooms are designed to help students focus on learning.
Immigration Minister Marc Miller says international students will be able to work off-campus for up to 24 hours per week starting in September.
Police have arrested a 46-year-old Guelph man after a woman said she found a hidden camera and was hit with a bat several times.
A 20-year-old Kindersley man faces multiple charges for impaired driving and failing to stop at the scene of a fatal crash that led to the death of a 21-year-old man in the town west of Saskatoon early Saturday morning.
Saskatoon’s public school board says that despite “record” funding from the province this year, the ministry’s allocation to the division doesn’t make the grade.
The province has teamed up with the Saskatchewan First Nations Natural Resource Centre of Excellence to find out how to get more Indigenous Peoples working in the energy sector.
A gruesome discovery was made in a remote wooded area of Greater Sudbury on Sunday night, Sudbury police say.
A boycott targeting Loblaw is gaining momentum online, with what could be thousands of shoppers taking their money elsewhere in May.
One person has been taken to hospital with unknown injuries following a collision on Notre Dame Avenue in Sudbury on Monday.
A woman is in police custody after allegedly setting a fire outside a home in the city’s core late last week.
Police have charged a 20-year-old London man with sexual assault following an alleged incident downtown.
The Verspeeten Family Cancer Centre has officially been unveiled in London, Ont. As announced in November, the $20-million gift was left to the London Health Sciences Foundation from the late Archie and Irene Verspeeten.
An alleged suspect has been identified by police for a car-bombing incident in Barrie last fall.
Police say the Highway 400's northbound lanes are still closed after the crash early Monday.
The adjourned sentencing hearing was set to begin for the third of three young men who have pleaded guilty to their involvement in the murder of a 17-year-old Barrie boy outside his home in late 2021.
A 19-year-old motorcycle driver has died after being struck by a car on Sunday evening. Around 8:30 p.m., police responded to the crash in the southbound lanes of Dougall Avenue near the E.C. Row Expressway.
Sentencing has been delayed for a Windsor denturist convicted of sex offences.
Windsor fire and police are investigating two fires over the weekend.
Dozens of London Drugs stores across Western Canada remained closed Monday following what the company described as a "cybersecurity incident" over the weekend.
A nearly century-old church in one of Vancouver's most desirable neighbourhoods is up for sale.
Sunday's comeback win by the Vancouver Canucks had special meaning for Carol Morin and her family.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
An emaciated dachshund is now recovering thanks to a Good Samaritan who found the pup near a biking trail in Kelowna, according to the BC SPCA.
Search and rescue crews have been called in after a vehicle belonging to a missing senior was located near a rural intersection outside of Kelowna Tuesday.
Three locations, more than 200 vehicles pulled over – Mounties out of a southern Alberta detachment conducted a check stop operation on Friday night.
The Brooks Bandits got down to business Friday, defeating the Okotoks Oilers 8-2.
An Alberta political scientist said the NDP leadership hopefuls remained fairly even following the first of the party’s debates.
A 28-year-old has been charged following an incident Sunday at a gas station in Sault Ste. Marie.
Parts of northeastern Ontario are under a freezing rain warning Monday morning as wet conditions continue across the region.
Greater Sudbury marked the Day of Mourning with ceremony at Laurentian University on Sunday to honour lives lost in workplace accidents and occupational illnesses.
Tributes continue to pour in for Bob Cole as his family has confirmed a funeral will be held for the legendary broadcaster Friday in St. John's, N.L.
Legendary sportscaster Bob Cole was a Newfoundlander through and through, and his daughter says his connection to the province was 'everything' to him.
Cenovus Energy has been ordered to pay a $2.5-million fine for its role in the largest offshore oil spill ever recorded in Newfoundland and Labrador.
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
