November 27, 2009
MLS 2009 and 2010 Projections Revised Upwards
Did you know that MLS® home sales activity continues to run strong, with new monthly records set in July, September, and October? This prompted The Canadian Real Estate Association to revise its MLS® home sales forecast (as of Nov 16) for 2009 and 2010. CREA now forecasts 2009 national unit sales will be up 6.6% from last year. CREA’s previous forecast had annual sales this year about even with 2008 levels. National MLS® home sales activity is forecast to rise 7% in 2010. This would make 2010 the second highest year on record for sales. The national MLS® average home price is forecast to climb 4.2% in 2009, an upward revision from the 1.5% gain in CREA’s previous forecast. Average prices are forecast to climb a further 4.7% in 2010. “Pent-up demand built in late 2008 and early 2009, as many buyers moved to the sidelines pending an improved economic outlook,” said CREA President Dale Ripplinger. “With the economic outlook having improved since then, the release of that pent-up demand will boost activity over the rest of the year and in 2010.”
