August 24, 2011
Canadian Real Estate Association Revises 2011 Forecast Upwards
Did you know the Canadian Real Estate Association (CREA) has revised its forecast for home sales upward for 2011? Their recently released report cites stronger-than-expected sales and prices in Q2 and good momentum entering the second half of the year. “However, we expect a gradual retreat in prices next year, taking place over several quarters, with the brunt occurring in late 2012 into early 2013,” commented TD economist Sonya Gulati. CREA said Tuesday it expects unit volume activity will increase by about 1% this year compared with 2010, and average sales prices will be 7.2% higher than the previous year.
