For the second time this year, the Canadian Real Estate Association has downgraded its forecast for home sales in 2025, even as it says a turnaround could be looming following increased activity in June.

The association reported that the number of homes changing hands across the country in June rose 3.5 per cent compared with a year ago. Canadian home sales last month also increased 2.8 per cent compared with May on a seasonally adjusted basis.

In its outlook released Tuesday, CREA said it now expects a total of 469,503 residential properties to be sold this year, a three per cent decline from 2024. In April, the association forecast the number of home sales for 2025 to remain essentially unchanged from last year, which itself marked a steep cut from its January forecast of an 8.6 per cent year-over-year increase.

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