May 18, 2011
CREA Lifts Its 2011 Sales Forecast
Did you know national real estate sales activity is now expected to reach 441,100 units in 2011, a modest decline of 1.3% from 2010? This forecast reflects an improving outlook, compared to the 1.6% decline that had been previously forecast by the Canadian Real Estate Association (CREA). “Mortgage rates remain very attractive and are keeping financing within reach for many homebuyers,” said Gary Morse, CREA President. For 2012, CREA forecasts that national sales activity will rebound by 2.6%. The national average home price is forecast to rise 4% in 2011 and 0.9% in 2012. Gregory Klump, CREA’s Chief Economist adds, “Continuing job growth will underpin housing demand, keeping the housing market in balance and stabilizing home prices.”
