Home Sales Will Continue To Cool

Home sales have cooled sharply in recent months, says the Canadian Real Estate Association (CREA). It attributed the cooling to increases in five-year fixed mortgage rates. They went from low three per cent to the low four per cent range in April, with fixed rate borrowers seeing an increase from 5.25 per cent to the low six per cent range. Some 568,288 properties are forecast to trade hands via Canadian Multiple Listing Service (MLS) Systems in 2022, a decline of 14.7 per cent from 2021. National home sales are forecast to fall back a further 2.8 per cent to 552,403 units in 2023.