Canadian Real Estate Forecast gets upward revision
Canadian Real Estate Forecast looking up
According to the latest annual resale housing forecast issued by the Canadian Real Estate Association (CREA) there is a bright future on the horizon for the Canadian Real Estate market. CREA has lifted its 2011 national forecast for MLS® sales and extended this positive outlook for 2012.
Unit sales moving towards ten-year pace
The updated forecast, issued on February 8th, represents an upward revision to CREA’s earlier national forecast for 2011. National MLS® sales activity is now expected to reach 439,900 units in 2011. This, more positive, outlook represents only a modest annual decline in the number of transactions of 1.6% below the previous year’s strong pace. CREA forecasts that national sales activity will grow by 3% to 453,300 units in 2012; which is roughly on par with the ten-year average for resale activity in Canada. CREA cites recent improvements in economic outlook, along with further expected improvement in consumer confidence as reasons for the upward forecast.
Home values also rising – at more moderate level
Although growing at a more moderate pace, property values are expected to continue their upward climb which will be welcome news for home sellers and owners alike. The CREA forecast indicates that the national average home price is expected to rise 1.3% in both 2011 and 2012, to $343,300 and $347,900 respectively. The average price is expected to rise modestly in most provinces, reflecting the continuation of a healthy balance between supply of, and demand for, homes listed for sale.
Of course, this is just an overview of the national picture. Home prices can vary dramatically between communities, within neighbourhoods, and even on the same street. For a more detailed look at home sale activity and resale prices in your area, contact us and we will be happy to provide local insight.
About Brandon Buller
Husband. Dad. Award-winning Real Estate Broker and Luxury Property Specialist with the Buller Real Estate Group at Coldwell Banker Burnhill Realty based in Burlington, Ontario, Canada. Read my full bio.
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