CREA Updates Resale Housing Forecast

August 18, 2011 · Filed Under CREA Reports, Market Trends · Comments Off 

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.

Overall, sales activity and prices remained stronger than expected in the second quarter. Sales momentum was also better than expected heading into the third quarter. As a result, the 2011 national forecasts for sales activity and average price have been raised slightly.
Here are some of the key points from the news release

  • National sales activity is forecast to reach 450,800 units in 2011, up less than one per cent from levels in 2010.
  • British Columbia’s 2011 sales forecast revised slightly higher, (home sales there appear to have bottomed out sooner than expected)
  •  Stronger than expected activity in Ontario offset slightly softer than anticipated demand in Quebec, Manitoba, and Newfoundland in the second quarter of 2011.
  • Ontario sales forecast for 2011 has been raised, while the outlook for activity in Quebec, Manitoba, and Newfoundland has been revised lower.
  • National sales activity in 2012 is forecast to ease seven tenths of a percentage point to 447,700 units
  • The national average home price is forecast to rise 7.2 per cent in 2011 to $363,500.