Daniel Stern plays The Old Man. He was the narrator on The Wonder Years (1988), which itself was inspired by A Christmas Story (1983).
While it is implied in this movie that the Parkers still live in the same house as in A Christmas Story (1983), what is shown is a different house than in the earlier movie.
Despite this movie's title of A Christmas Story 2, it's the third film to follow A Christmas Story (1983), coming after Ollie Hopnoodle's Haven of Bliss (1988) and My Summer Story (1994). However, those two other films are Non-Canon.
Prior to the film's release, the trailer was widely panned.