Home sales expected to stay strong, for now

Current housing trends and the outlook for housing market fundamentals suggest activity will remain strong through 2021, reports the Canadian Real Estate Association (CREA). This is expected to result in a record number of sales this year, despite a slowdown that began in April.

However, over time activity is forecast to continue returning towards more typical levels. As a result, 2022 is expected to see significantly fewer home sales than in 2021.

CREA has updated its forecast for home sales activity via the Multiple Listing Service (MLS). The national average home price is forecast to rise by 19.3 percent on an annual basis, to just over $677,775, in 2021.