CREA expects record home sales this year as market remains strong

The Canadian Real Estate Association is predicting record high home sales this year.

CREA says buyers have waded into expensive markets and battled it out in bidding wars, even as layoffs are plentiful and unemployment is high.

The association says it expects nearly 702,000 properties to trade hands through Canadian MLS systems this year compared with 551,262 in 2020.

The market won't cool off until next year.

The association is congratulating anyone selling a home, but says if you want to buy, buckle up because it may not be the most easy process.

Home sales are forecast to be around 614,000 units in 2022.

Meanwhile, the national average home price is forecast to rise by 16.5 per cent on an annual basis to just over $665,000 in 2021 and $679,341 in 2022.