CREA is forecasting that a slowdown in the Ontario real estate market will drag down overall national sales this year. (Darren Calabrese/Canadian Press)

The Canadian Real Estate Association said Friday it has cut its national outlook for home sales activity for the year by five per cent, saying the decline stems almost entirely from a downward revision to its outlook for the Ontario market.

CREA said in a release that it’s now forecasting sales activity through the Multiple Listing Service (MLS) will come in at 506,900 units in 2017, a drop of more than 20,000 transactions from thje June forecast.

“Sales in British Columbia and Ontario are both now projected to decline by about 10 per cent in 2017 compared to all-time records set in 2016,” CREA said in its report.

More to come