CREA Updates Resale Housing Forecast
Information summarized from CREA May 9th media release
The Canadian Real Estate Association (CREA) has revised its forecast for home sales activity via the Multiple Listing Service ® (MLS ® ) Systems of Canadian real estate Boards and associations for 2011 and 2012.
National sales activity is now expected to reach 441,100 units in 2011, a decline of 1.3 per cent from 2010. This is a slight improvement from the 1.6 per cent decline forecast by CREA in February.
In 2012, CREA forecasts that national sales activity will rebound by 2.6 per cent to 452,500 units. This is little changed from the previous forecast, and stands roughly on par with the ten year average for annual activity.
The national average home price is forecast to rise four per cent in 2011 and nine-tenths of a per cent in 2012, to $352,500 and $355,800 respectively.
CREA expects home sales activity to regain traction after dipping in the second quarter as economic recovery and hiring continues.