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MNI BRIEF: Canada Realtors Double 2022 Sales Decline Forecast

(MNI) Ottawa
OTTAWA (MNI)

The Canadian Real Estate Association nearly doubled its forecast of how much home sales will decline this year as the central bank lifts interest rates, to a 15% decline from the previous 8% estimate, while projecting prices will still climb 11%.

The interest rate used to stress test new borrowers jumped by almost a percentage point in April alone to more than 6%, and variable rates will catch up later this year, CREA said in a report Wednesday. The group also reported sales fell 8.6% in May following a 13% fall in April.

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The Canadian Real Estate Association nearly doubled its forecast of how much home sales will decline this year as the central bank lifts interest rates, to a 15% decline from the previous 8% estimate, while projecting prices will still climb 11%.

The interest rate used to stress test new borrowers jumped by almost a percentage point in April alone to more than 6%, and variable rates will catch up later this year, CREA said in a report Wednesday. The group also reported sales fell 8.6% in May following a 13% fall in April.