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The Canadian Real Estate Association expects the average price of a home to end the year 4.8% lower than 2022, but says prices will rise by roughly the same amount in 2024.

The association’s prediction amounts to an average price of $670,389 this year and $702,214 next year, when prices are expected to increase by 4.7%.

The board also foresees home sales falling 1.1% per cent to 492,674 this year and then rising 13.9% to 561,090 in 2023.

It says the forecast accounts for little change in month-over-month sales seen since summer 2022 and the modest monthly gains recorded in February and March.

The board’s forecast was released as it announced March home sales fell 34.4% to 41,636 from the year before and on a seasonally-adjusted basis, reached 33,833, about 1% higher than they had been in February.

The average home price was $686,371 in March, down 13.7% from the year prior but up almost $75,000 from its January 2023 level.