The Canadian Real Estate Association says it expects home sales this year to edge down 0.5 per cent compared with 2022.
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In its updated forecast for the year, it also says it expects the average home price to decline 5.9 per cent on an annual basis to $662,103 in 2023.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.
The outlook came as CREA reported home sales in December 2022 were down 39.1 per cent compared with a year earlier. However, the association says national home sales in December 2022 were up 1.3 per cent on a month-over-month basis. The actual national average home price in December was $626,318, down 12 per cent from the final month of 2021.
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