The Globe and Mail reports in its Saturday, April 13, edition that the Canadian Real Estate Association has released an updated outlook for the year, predicting a 10.5-per-cent increase in home sales compared with last year, with 492,083 homes expected to be sold in 2024. A Canadian Press dispatch to The Globe reports that additionally, the organization now expects the national average home price to increase by 4.9 per cent on an annual basis to reach $710,468. This is more than double the increase that was originally predicted at the beginning of the year. CREA economist Shaun Cathcart explains that last year's record population growth and a central bank that is more likely to cut interest rates this summer than raise them, makes the current situation interesting. He wonders if high interest rates will keep many people on the sidelines or if the expected rate cuts will entice more people to get back into the market. Mr. Cathcart predicts that it is likely to be a combination of both factors. The revised forecast came as CREA reported the number of home sales in March rose 1.7 per cent compared with a year ago. The average price of a home sold last month amounted to $698,530, up 2 per cent from March of 2023.