(Ottawa) The Canadian Real Estate Association (CREA) predicts the average price of a property will be 4.8% lower than 2022 by the end of the year, but prices will rise roughly in the same proportions in 2024.

The association predicts an average price of $670,389 this year and $702,214 next year, when prices are expected to increase by 4.7%.

CREA also forecasts property sales to decline 1.1% to 492,674 this year and then increase 13.9% to 561,090 in 2024.

She says these forecasts take into account the small month-to-month change in sales seen since the summer of 2022 and the modest monthly gains seen in February and March.

The association’s forecast was released as it announced home sales fell 34.4% in March from a year earlier to 41,636, and seasonally adjusted , they had reached 33,833, about 1% more than in February.

The average home price was $686,371 in March, down 13.7% from a year earlier, but up more than $75,000 from its January 2023 level.