The Canadian Real Estate Association is cutting its forecast for home sales this year and lowering its expectations for price growth.
In its latest housing market outlook, the association says it expects 532,545 properties to trade hands via Canadian MLS systems this year, down 20 per cent from the 2021 annual record.
The national average home price is forecast to rise by 4.7 per cent to $720,255.
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.
The updated forecast came as CREA says home sales in August were down one per cent compared with July and 24.7 per cent lower than August last year.
The national average home price was $637,673 in August, down 3.9 per cent from the same month last year.
This report by The Canadian Press was first published Sept. 15, 2022.
U.S. president-elect Donald Trump has nominated former diplomat and U.S. congressman Pete Hoekstra to be the American ambassador to Canada.
A group of researchers say they have more evidence to suggest the COVID-19 pandemic started in a Chinese seafood market where it spread from infected animals to humans. The evidence is laid out in a recent study published in Cell, a scientific journal, nearly five years after the first known COVID-19 outbreak.
The average salary needed to buy a home keeps inching down in cities across Canada, according to the latest data.
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Police in Peru have arrested a man caught trying to leave the country with 320 tarantulas, 110 centipedes and nine bullet ants strapped to his body.
Prime Minister Justin Trudeau has announced embattled minister Randy Boissonnault is out of cabinet.
A four-month-old baby is dead after what Toronto police are calling a “suspicious incident” at a Toronto Community Housing building in the city’s midtown area on Wednesday afternoon.
A Saskatchewan woman who refused to provide a breath sample after being stopped by police in Regina did not break the law – as the officer's request was deemed not lawful given the circumstances.
The families of the victims of Paul Bernardo will be allowed to attend the serial killer’s upcoming parole hearing in person, the Parole Board of Canada (PBC) says.
A London father and son they’re shocked and confused after their home was riddled with bullets while young children were sleeping inside.
A Saskatchewan woman who refused to provide a breath sample after being stopped by police in Regina did not break the law – as the officer's request was deemed not lawful given the circumstances.
The families of the victims of Paul Bernardo will be allowed to attend the serial killer’s upcoming parole hearing in person, the Parole Board of Canada (PBC) says.
A four-month-old baby is dead after what Toronto police are calling a “suspicious incident” at a Toronto Community Housing building in the city’s midtown area on Wednesday afternoon.
Massive trees toppled onto roads, power lines and parked cars as hurricane-force winds battered the B.C. coast overnight during an intense “bomb cyclone” weather event.
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A piece of conceptual art consisting of a banana duct-taped to a wall sold for US$6.2 million at an auction in New York on Wednesday.
A Florida man was arrested Wednesday and charged with a plot to “reboot” the U.S. government by planting a bomb at the New York Stock Exchange this week and detonating it with a remote-controlled device, according to the FBI.
House Ethics Committee Republicans voted Wednesday against releasing the panel’s long-running investigation into U.S. president-elect Donald Trump’s nominee for attorney general, former Rep. Matt Gaetz, the top Democrat on the panel said.
Brazilian President Luiz Inácio Lula da Silva on Wednesday welcomed China’s President Xi Jinping for a state visit at the Alvorada Palace in Brasilia.
Donald Trump said Wednesday that he has chosen former acting Attorney General Matt Whitaker to serve as U.S. ambassador to NATO, the bedrock Western alliance that the president-elect has expressed skepticism about for years.
Police in Peru have arrested a man caught trying to leave the country with 320 tarantulas, 110 centipedes and nine bullet ants strapped to his body.
Prime Minister Justin Trudeau has announced embattled minister Randy Boissonnault is out of cabinet.
Ontario Premier Doug Ford says there is 'clear consensus' among premiers for separate bilateral trade deals with the U.S. and Mexico, following a phone call with all the leaders on Wednesday.
Canadian human rights advocate and former Liberal justice minister Irwin Cotler — who was the target of an alleged foiled assassination plot by agents of Iran — says he isn’t concerned about the alleged threats, because he has confidence in his protective detail.
A Dallas anesthesiologist was sentenced Wednesday to 190 years in prison for injecting a nerve-blocking agent and other drugs into bags of intravenous fluid at a surgical center where he worked, leading to the death of a coworker and causing cardiac emergencies for several patients.
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Raw pistachios sold by Nutworks are being recalled in Ontario due to possible Salmonella contamination.
Australia’s communications minister introduced a world-first law into Parliament on Thursday that would ban children younger than 16 from social media, saying online safety was one of parents’ toughest challenges.
President-elect Donald Trump has vowed to repeal President Joe Biden's signature artificial intelligence policy when he returns to the White House.
Giraffe populations are declining at such an alarming rate — from habitat loss, poaching, urbanization and climate change-fueled drought — that U.S. wildlife officials announced a proposal on Wednesday to help protect several of the species.
Lady Gaga is returning to the desert to mark her second appearance as the headliner for Southern California’s Coachella Valley Music and Arts Festival.
Liam Payne's family, friends and former bandmates have come together to pay tribute to the British singer at his funeral in England on Wednesday, just over a month after the One Direction star died aged 31 in Argentina.
Post Malone and Morgan Wallen's collaboration 'I Had Some Help' could make both men big winners at Wednesday’s night's Country Music Association Awards.
Black Friday and Cyber Monday are quickly approaching, meaning many people will be looking to score a deal ahead of the holidays. There are some precautions to take before shopping online.
The union representing port supervisors in British Columbia is formally challenging the legal and constitutional authority of the federal labour minister to order them back to work.
The heat has been turned up on two Canadian frozen-potato giants who have been named in separate price-fixing lawsuits south of the border.
After driving near the water that winter day, Brian Lavery thought he saw a dog splashing in the waves – then realized it was way too cold for that.
CTVNews.ca wants to hear from digital nomads who have taken up location-independent jobs and can work from anywhere with an internet connection.
Delta Air Lines’ newest dining option for first class passengers isn’t anything fancy. In fact, it’s the exact opposite, because it’s fast food.
Major League Baseball will test robot umpires as part of a challenge system during spring training at 13 ballparks hosting 19 teams, which could lead to regular-season use in 2026.
Since 2022, Dutch-born rider Rien Schuurhuis has become the first cyclist to compete for the tiny city-state of the Vatican at an elite level.
If the latest dance sweeping the sports world is any indication, Donald Trump and the NFL might get along much better in his second term in the White House than they did the first time around.
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A Saskatchewan woman who refused to provide a breath sample after being stopped by police in Regina did not break the law – as the officer's request was deemed not lawful given the circumstances.
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Two young women from New Brunswick have won one of the most prestigious and sought-after academic honours in the world.
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When he first moved to his urban neighbourhood, Barry Devonald was surprised to be welcomed by a whole flock of new neighbours.
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A Nova Scotia couple fulfilled their wildest dreams Thursday night when they got engaged at Taylor Swift’s Eras Tour in Toronto.
Some Calgary residents caught what appeared to be a meteor streaking across the sky early on Wednesday morning.
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As we head into the holiday season, one Edmonton small business owner says she's shutting down online orders – something not all businesses may be able to do
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Dale McFee will retire as head of the Edmonton Police Service (EPS) on Feb. 21, the Edmonton Police Commission said in an email on Wednesday.
A school bus hit parked vehicles and pushed one into a Middle Sackville, N.S., home Wednesday afternoon.
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Next week, Sudbury city council will decide how to rehabilitate the College Street underpass, which was built in 1949.
A Canadian Taylor Swift fan has some 'Bad Blood' with the Calgary International Airport after security staff confiscated hundreds of dollars worth of beads she was going to use to make friendship bracelets.
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Weeks after more than a dozen mayors, including Barrie mayor Alex Nuttall, signed a letter to Premier Doug Ford asking him to consider using the notwithstanding clause as cities struggle with how to handle growing encampments, a coalition of councillors are speaking out against its potential use.
With some milder winters in recent years Barrie city councillors are exploring if there's an appetite to dine outdoors in the coldest months of the year.
*WARNING: This story contains graphic content that some may find disturbing. Reader's discretion is advised.*
Town of Essex councillors have voted not to move ahead with a hiring freeze meant to tackle a six per cent tax levy increase that is currently on the table.
A Kingsville family, who for years put up elaborate Christmas lights and decor outside their home on Marshwoods Boulevard, has instead put up a for sale sign this year.
The clean up was well underway Wednesday on Vancouver Island after a night of chaos.
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Police are appealing for information on a targeted shooting that resulted in the hospitalization of a man in Kamloops.
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A B.C. woman who stole more than $14,000 in volunteer-raised funds that were supposed to be spent on school supplies and programs – including hot meals for vulnerable kids – won't spend any time in jail.
There’s a new way to give this holiday season.
Lethbridge police say four teenagers have been arrested in connection with an autumn attack that saw a 16-year-old badly injured.
Some Lethbridge residents will be heading to the polls next month to elect their next MLA. The Government of Alberta announced the Lethbridge-West byelection will take place on Dec. 18.
Students in Sault College’s business accounting program have a new learning pathway that will ultimately give them a head start to a career.
The Transport Safety Board of Canada says the crew of a Porter Airlines flight landing in Sault Ste. Marie in April 2023 didn't realize the plane was so far down the runway.
The owner at a North Bay rental home has been fined and seven people displaced after a kitchen fire Tuesday.
An international group led by a Canadian is in Rome this week to push the Catholic Church to adopt a zero-tolerance policy on abuse by clergy.
A company hoping to build a multi-billion-dollar wind-to-hydrogen project in western Newfoundland is eyeing other options as Canada's plans to supply Europe with green energy have not yet materialized.
The four women sipping tea around an antique wooden table in rural Newfoundland said they weren't looking for much in a mate: kindness, humour, a good sense of fun and, ideally, a full set of teeth.
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