CREA Updates Resale Housing Market Forecast
National home sales have remained little changed from month to month since the summer of 2022 and, in fact, posted modest back-to-back monthly gains in February and March 2023. With nearly a year without any large declines, the downward adjustment to sales activity from rising interest rates and high uncertainty looks to be in the rear-view mirror.
Some buyers are expected to emerge back into the housing market, after waiting on the sidelines for added certainty around mortgage payments and property value – two important signals that could be here.
First was the Bank of Canada indicating a pause, likely a top, for interest rates in January 2023, followed by meetings in March and April where they did not raise the overnight rate. And second, as housing markets have been tightening to begin the year, it looks as though home prices, which had been declining steadily since last March, have also now levelled out.
Risks to this forecast include:
- a worsening of Canada’s housing supply issue faced across the entire continuum including in the existing home market. New listings have been dropping fast and are currently at 20-year lows (a downside for the sales forecast and an upside risk to the average price forecast); and
- whether an expected short and mild recession in the middle of 2023 turns out to be more severe and longer lasting than anticipated.
Some 492,674 properties are forecast to trade hands via Canadian MLS® Systems in 2023, a 1.1% decline from 2022. This was almost unchanged from CREA’s previous national forecast, although under the surface there were two notable offsetting revisions: 1. Alberta home sales were revised lower on a weaker than expected first quarter, and 2. Ontario home sales were revised higher on a somewhat stronger than expected first quarter.
Such revisions have larger affects on annual numbers when they occur in the first quarter of the year as they can alter forecast values for all three remaining quarters of forecast data.
The national average home price is forecast to decline 4.8% on an annual basis to $670,389 in 2023. This is up about $8,000 from CREA’s previous forecast owing to a compositional boost in the first quarter of 2023 from outsized gains in the pricey regions of B.C.’s Lower Mainland and the Greater Toronto Area. Source: https://www.crea.ca/media-hub/news/crea-updates-resale-housing-market-forecast-12/
6 spring cleaning tips for a healthier home
| (NC) Spring cleaning can feel daunting. However, doing a deep clean is important, not just for appearances but also for your health at home. Here are a few cleaning tips to help make your home a healthier place to live. Leave outdoor shoes at the door Outdoor shoes can track dirt and contaminants into to your home. Set up a drop zone for any outdoor footwear. If you prefer something solid on your feet indoors, keep a pair of slippers or shoes ready to change into and only wear them while inside. You can also give them a routine clean from time to time. Start with dust and dirt Dust and dust mites can cause allergic reactions and worsen health conditions like asthma, so place this step high on your to-do list. Use a wet cloth or mop for hard surfaces to avoid spreading dust around and use a high efficiency particulate air filter in your vacuum, if you can. Don’t mix your cleaning solutions Read the label and follow all instructions on your household chemical cleaning products. Never mix household chemicals or use them together since some common ingredients, such as bleach and ammonia, can produce harmful gases when mixed. Store cleaners locked out of sight and in their original containers to prevent confusion about what they are or how to use them. Remember to ventilate Ventilation is vital for healthy indoor air every day, but it’s especially important to improve your indoor air flow when you’re cleaning. It’s easy to disturb dust and small particles as you clean or be exposed to a buildup of chemicals in your cleaning products. Turn on your kitchen and bathroom exhaust fans when cleaning and open your windows for fresh air. Banish mould for good As you go about spring cleaning, inspect your home for signs of mould or excess moisture which can lead to health effects like eye irritation. Musty smells and stains or discolouration may be signs of mould. For small amounts of mould, Health Canada recommends using dish soap and water to clean them up. Bleach isn’t needed. If the mould covers a large area or keeps coming back, consider hiring a professional. Clean up after cleaning When you no longer need household cleaning products, make sure they don’t sit around your home – take extras to a hazardous waste disposal site. Likewise, if you discover unused or expired medications or health products don’t let them hang around either. Always take them back to a pharmacy instead of tossing them down the drain. More information on how to maintain a healthy home is available at canada.ca/healthy-home. www.newscanada.com |