forecasts the national average home sale price in Canada will fall 2.2 per cent in the final months of the year.
The network of real estate brokers and agents said Wednesday the moderation in the market for the September-to-December period comes amid rising interest rates, record inflation and broader global and economic uncertainties.
Mortgage rates have risen sharply this year, raising the cost of borrowing for potential buyers.
Re/Max Canada president Christopher Alexander said many markets are experiencing softer sales given the recent interest rate hikes.
鈥淭his provides some reprieve from the unprecedented demand and unsustainable price increases we've seen across Canada through 2021 and in early 2022,鈥 Alexander said in a statement.
鈥淗owever, the current lull in the market is only temporary. Until housing supply increases, these 'boom' and 'bust' cycles will likely be a recurring event.鈥
Prices in Metro Vancouver are expected to decline 3.0 per cent, while the Greater Toronto Area is forecast to fall 6.3 per cent. Winnipeg is expected to drop 8.0 per cent.
However, the drop in prices in the final months of 2022 isn't expected to be universal. The report said seven out of the 30 markets analyzed are likely to experience modest price appreciation between 1.5 and seven per cent.
Calgary is expected to rise 3.0 per cent, while Edmonton is forecast to gain 1.5 per cent. St. John's, N.L., is predicted to gain 7.0 per cent.
The report follows a move by the Canadian Real Estate Association earlier this month to cut its forecast for home sales this year and lower its expectations for price growth.
CREA is expecting 532,545 properties to trade hands via Canadian MLS systems this year, down 20 per cent from the 2021 annual record, while sales are expected to drop another 2.3 per cent in 2023.
The association also forecasts the national average home price is forecast to rise by 4.7 per cent on an annual basis to $720,255 by the end of the year and edge up another 0.2 per cent to $721,814 in 2023.
The outlook is down from CREA's forecast in June that predicted a 14.7 per cent decline in sales this year and a 10.8 per cent increase in the national average home price.
This report by The Canadian Press was first published Sept. 28, 2022.
Hurricane Milton is nearing Florida's shore but remains a Category 4 storm. Power outages have already been reported across the state, even before the hurricane makes landfall.
A Turkish Airlines jetliner headed from Seattle to Istanbul made an emergency landing in New York on Wednesday after the captain died on board, an airline official said.
Hundreds of thousands of vehicles are being recalled in Canada due to a steering-related issue that could increase a driver's risk of crash.
The leader of the Bloc Quebecois says his party 'might play a role' in helping the Liberals get House of Commons business rolling again 鈥 after days of Conservative-led debate on a privilege matter 鈥 but that his assistance would come at a cost.
A Claude Monet pastel painting stolen by Nazis during World War II, which vanished for decades only to show up with a Louisiana art dealer, was returned Wednesday in New Orleans to the descendants of its original owners.
Two Orange County women are speaking out after they say they were kicked off of a Spirit Airlines flight because of what they were wearing.
A 42-year-old Winnipeg man has been charged with human smuggling following an investigation near a Canada-U.S. border crossing in Manitoba.
The Kremlin said on Wednesday that the administration of former U.S. president Donald Trump had sent COVID tests to Russia but it denied reports that Trump had spoken at all to Russian President Vladimir Putin since leaving office.
A B.C. woman who was recorded praising Hamas as 'heroic and brave' can return to protest rallies, authorities confirmed this week.
A B.C. woman who was recorded praising Hamas as 'heroic and brave' can return to protest rallies, authorities confirmed this week.
Saskatchewan's highest court has granted Dillon Whitehawk an appeal and a new trial has been ordered for the 2019 deaths of Jordan Denton and Keenan Toto.
A 42-year-old Winnipeg man has been charged with human smuggling following an investigation near a Canada-U.S. border crossing in Manitoba.
A Winnipeg landlord is facing $9,000 in penalties following a mass eviction at a Winnipeg apartment block this summer.
Liberal MP Yvan Baker says there should not have been different punishments doled out to him and to Conservative Leader Pierre Poilievre for comments each of them made in the House of Commons.
Another beluga whale has died at Marineland and four years into a provincial probe, Ontario's solicitor general is saying little about the investigation's progress.
Tropical storm-force winds have begun lashing the western coast of Florida as Hurricane Milton draws closer, the National Hurricane Center said in an advisory Wednesday.
The Kremlin said on Wednesday that the administration of former U.S. president Donald Trump had sent COVID tests to Russia but it denied reports that Trump had spoken at all to Russian President Vladimir Putin since leaving office.
Since Joe Biden ended his reelection bid, Kamala Harris swiftly secured the U.S. Democratic presidential nomination, brought in hundreds of millions of dollars in new campaign donations and surged past Biden鈥檚 poll numbers from earlier this year. And yet, Democrats are increasingly anxious over Harris' fate. Why?
An auction house in England has withdrawn human remains, including shrunken heads and ancestral skulls, from sale following an outcry.
Two Orange County women are speaking out after they say they were kicked off of a Spirit Airlines flight because of what they were wearing.
A Claude Monet pastel painting stolen by Nazis during World War II, which vanished for decades only to show up with a Louisiana art dealer, was returned Wednesday in New Orleans to the descendants of its original owners.
Canada is adding another $15 million to its humanitarian aid package for Lebanon after an escalation in the conflict between Israel and the Lebanon-based militant group Hezbollah.
The leader of the Bloc Quebecois says his party 'might play a role' in helping the Liberals get House of Commons business rolling again 鈥 after days of Conservative-led debate on a privilege matter 鈥 but that his assistance would come at a cost.
The national security and intelligence adviser is rejecting the notion there are traitors in the House of Commons, despite an eyebrow-raising report from a spy watchdog that flagged questions about politicians' loyalties.
COVID-19 could be a powerful risk factor for heart attacks and strokes for as long as three years after an infection, a large new study suggests.
The Ontario Ministry of Health says four people have been sickened after consuming beef tongue believed to be contaminated with listeria.
One in eight women will be diagnosed with invasive breast cancer in their lifetimes, according to the American Cancer Society. Breast cancer is the second leading cause of cancer death for women in the United States, with 42,000 women dying every year from this cancer.
As if the largest bug to ever live 鈥 a monster nearly nine feet long with as many as 64 legs 鈥 wasn鈥檛 terrifying enough, scientists could only just imagine what the extinct beast鈥檚 head looked like.
The research that won Geoffrey Hinton a Nobel Prize for physics was the product of plenty of work carried out before artificial intelligence was the buzzword it is today.
The space rock is slinging toward Earth from the outer reaches of the solar system and will make its closest pass on Saturday. It should be visible through the end of October, clear skies permitting.
In "From Here to the Great Unknown," a new memoir by the late Presley, finished by her daughter, Riley Keough, the pair write that Presley kept her son "in the house with us instead of keeping him at the morgue."
Sean 鈥楧iddy鈥 Combs wants to go to trial on sex trafficking charges next spring, lawyers for the jailed hip-hop mogul told a judge on Wednesday.
A controversial film about the rise of Donald Trump is coming out this week, despite his campaign calling it 'election interference by Hollywood elites' and threatening to file a lawsuit.
Siskinds LLP says a $70.25 million class-action settlement has been reached with TD Asset Management over commissions paid to discount brokers.
A new report says growth in average asking rents across Canada last month slowed to the lowest rate since October 2021, at 2.1 per cent year-over-year.
A new report says condo inventory is on the rise in most major Canadian markets as more sellers are listing their properties in anticipation of growing demand from buyers.
An elevator mechanic mistakenly threw out a piece of artwork, made to look like empty beer cans, assuming it was litter, a Dutch museum revealed earlier this month.
Have you ever seen videos of hovercrafts online or on TV and thought, 'Wow, I wish I could ride one of those.' One Alberta man did, and then built his own.
A wildlife rescue in B.C. is caring for two orphaned bobcat kittens who have become as inseparable as 'real sisters' even though it's highly unlikely they are actually from the same litter.
Scottie Barnes will return to the Toronto Raptors lineup on Friday.
Saskatchewan鈥檚 Jessica Campbell has made hockey history, becoming the first ever female assistant coach in the National Hockey League (NHL).
The NFL's Tampa Bay Buccaneers and NHL's Tampa Bay Lightning have left Florida ahead of Hurricane Milton to practice the rest of the week.
Dozens of cars were pulled out of the Detroit River in west Windsor on Tuesday, causing many questions for Windsorites.
Hundreds of thousands of vehicles are being recalled in Canada due to a steering-related issue that could increase a driver's risk of crash.
Mercedes-Benz has partnered up with the Ontario Vehicle Innovation Network (OVIN) and the provincial government to launch a new 鈥渋ncubator program鈥. One of the first three locations is Windsor, with the other two going to Toronto and Kitchener-Waterloo.
Saskatchewan鈥檚 Jessica Campbell has made hockey history, becoming the first ever female assistant coach in the National Hockey League (NHL).
Have you ever seen videos of hovercrafts online or on TV and thought, 'Wow, I wish I could ride one of those.' One Alberta man did, and then built his own.
A B.C. couple is getting desperate 鈥 and creative 鈥 in their search for their missing dog.
Videos of a meteor streaking across the skies of southern Ontario have surfaced and small bits of the outer space rock may have made it to land, one astronomy professor says.
A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
Bernie Hicks, known as the 鈥楤atman of Amherst,鈥 always wanted to sit in a Batmobile until a kind stranger made it happen.
Bubi鈥檚 Awesome Eats, located on University Ave West took to social media to announce the closure on Friday.
Weeneebayko Area Health Authority and the Government of Ontario have awarded a $1.8 billion fixed-price contract to design, build and finance a new Far North hospital.
Manitobans are in cleanup mode after intense winds barreled through southern parts of the province this weekend.
American actor and environmental activist Mark Ruffalo is weighing in on British Columbia politics, lauding the B.C. Green Party's stance on fossil fuels ahead of the Oct. 19 election.
A B.C. woman who was recorded praising Hamas as 'heroic and brave' can return to protest rallies, authorities confirmed this week.
The leaders of B.C.'s main political parties sparred over health care, housing, and affordability Tuesday, pitching competing visions for how to address the most urgent issues facing the province in a debate punctuated by a few feisty exchanges.
Toronto Mayor Olivia Chow is expressing regret for not attending a massive vigil held earlier this week where the city鈥檚 Jewish community commemorated one year since the October 7 terrorist attack. But her explanation isn鈥檛 adding up, event organizers say.
Hurricane Milton is about to hit Florida and Toronto Pearson International Airport says several flights to the state have been cancelled as a result.
A 36-year-old man has been charged with first-degree murder after his elderly father was found dead at a home in Toronto.
Calgary police are appealing to the public for help as they work to identify a suspect accused of stalking and harassing the residents of two Cranston homes.
Alberta Health Minister Adriana LaGrange announced a new tentative compensation agreement for resident physicians Thursday as part of a push to recruit, train and keep more physicians in the province.
An Airdrie resident is facing several charges after police say they were caught in possession of several stolen vehicles.
The City of Cornwall says it has 鈥減arted ways鈥 with Mathieu Fleury as the city's chief administrative officer, though the details of his departure are unclear.
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As one of the most powerful hurricanes threatens to make landfall in Tampa Bay, residents brace for the impact.
Three young people aged 17, 19 and 20 were arrested after shots were fired late on Tuesday near Old Montreal.
Canada's official languages commissioner is expressing concern over Quebec's decision to cap the number of students who can enrol in the province's English-language junior colleges.
Police arrested seven teens aged 14 to 17 in Saint-Leonard last Thursday in connection with organized crime. Police tied the group of teens to robberies, arson, extortion, and gun violence.
A cougar was spotted early Wednesday morning within the city of Lloydminster, police are warning the public.
Randy Boissonnault, MP for Edmonton Centre and the federal minister of employment, workforce development and official languages, has been named the ministerial lead of Jasper's rebuild.
Students in the village of Myrnam get a lot of hands-on experience with renewable energy in an award-winning program.
Premier Tim Houston said he was notified on Monday morning that funds had been allegedly stolen from the Pictou East Riding Association.
Former CTV Atlantic employee Eric Bungay who now works for a CBS affiliate in Tampa Bay is bracing for Hurricane Milton's arrival.
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A 42-year-old Winnipeg man has been charged with human smuggling following an investigation near a Canada-U.S. border crossing in Manitoba.
A Winnipeg landlord is facing $9,000 in penalties following a mass eviction at a Winnipeg apartment block this summer.
The mayor's inner circle is set to discuss possible changes to a bylaw that currently sees the landlords of vacant buildings billed for the entire cost of firefighting efforts when a blaze breaks out at their property.
Saskatchewan's highest court has granted Dillon Whitehawk an appeal and a new trial has been ordered for the 2019 deaths of Jordan Denton and Keenan Toto.
The Saskatchewan New Democrats are touring the Parkland region, vowing to end rural emergency room disruptions if they form government this fall.
Those who are interested in running for mayor, city council or school board in Regina's upcoming civic election have until 4 p.m. this afternoon to submit their paperwork.
One person was struck by a GO train, near the Kitchener station, on Wednesday morning.
At around 3:30 p.m., emergency services and an Ornge air ambulance responded to a report of a three-vehicle crash at the intersection of Gore Road and Wellington Road 35.
According to police, staff had been watching a woman and three children 鈥 estimated to be between 10 and 15 years of age 鈥 as they made their way around the store placing more than $1,000 in product into a cart.
Dozens of people gathered at Saskatoon city hall Tuesday to voice their concerns about the growing issue of homelessness in our city, and to offer their own solutions.
The province鈥檚 consumer watchdog is investigating a Saskatoon company selling luxury vacation condos in Mexico.
The Saskatoon Police Service (SPS) is renewing public calls for help catching Timloh "Butchang" Nkem, a man deemed the city's most wanted man.
Hurricane Milton is nearing Florida's shore but remains a Category 4 storm. Power outages have already been reported across the state, even before the hurricane makes landfall.
Hundreds of thousands of vehicles are being recalled in Canada due to a steering-related issue that could increase a driver's risk of crash.
An annual international mining conference is underway in Greater Sudbury, Ont., marking the first time the Organization for Economic Co-operation and Development (OECD) Conference of Mining Regions and Cities has been held in North America.
This latest crash was the second fatal and third serious accident at this intersection in the past couple of months - when asked, locals said that the intersection is 'kind of blind.'
The province is boosting enrollment in Basic Constable Training at the Ontario Police College in Aylmer by 80 recruits per year.
The widow of a London firefighter who died from cancer is applauding a federal commitment to study its prevalence.
The jury reached a verdict on Wednesday in the 1994 Katherine Janeiro murder case, finding her former boyfriend, Bruce Ellis, not guilty.
Provincial police are investigating reports of an armed robbery in Amaranth Township that sent one person to the hospital in critical condition.
Police arrested a man they say is responsible for a rash of robberies at convenience stores in Barrie over the last 10 months.
Dozens of cars were pulled out of the Detroit River in west Windsor on Tuesday, causing many questions for Windsorites.
The Windsor Police Service (WPS) has arrested one suspect in connection to a child exploitation investigation.
Ontario launched a review of the province's 37 non-Indigenous children's aid societies Wednesday after Premier Doug Ford suggested they are being financially mismanaged, but the unions representing CAS workers say it is a mere 'smokescreen.'
American actor and environmental activist Mark Ruffalo is weighing in on British Columbia politics, lauding the B.C. Green Party's stance on fossil fuels ahead of the Oct. 19 election.
A suspect remains at large after an assault sent a man to hospital with serious injuries in Nanaimo, B.C.
The leaders of B.C.'s main political parties sparred over health care, housing, and affordability Tuesday, pitching competing visions for how to address the most urgent issues facing the province in a debate punctuated by a few feisty exchanges.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
NDP Leader David Eby is promising to offer a $75-million loan forgiveness program to entice doctors, nurses and heath professionals to expand health-care services in rural British Columbia.
Alberta's police watchdog says the Medicine Hat police officers who were involved in an in-custody death in August 2023 acted reasonably and with appropriate force in dealing with a suspect armed with a machete.
Charges have been laid against a 44-year-old man following a traffic stop in Brocket, Piikani Nation RCMP said Tuesday.
A metal fabrication company west of Medicine Hat has been fined by Alberta Occupational Health and Safety (OHS) following a workplace fatality in 2023.
An annual international mining conference is underway in Greater Sudbury, Ont., marking the first time the Organization for Economic Co-operation and Development (OECD) Conference of Mining Regions and Cities has been held in North America.
Jeff Warner from Aidie Creek Gardens in the northern Ontario community of Englehart has a passion for growing big pumpkins and his effort is paying off in more ways than one.
A woman in Greater Sudbury, Ont., said "It doesn't get more Canadian than this" when she spotted a black bear dumpster diving at a Tim Hortons last month.
A Conservative MP from Newfoundland and Labrador says some small towns in his rural riding are overrun with crime, but police say they haven't received reports to that effect.
As millions in federal funding flow into a Labrador group whose claims of Inuit identity have been rejected by Indigenous organizations across Canada, a national Inuit leader worries the Liberal government is putting the rights of Indigenous Peoples at risk.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
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