A Positive Forecast for Canadian Real Estate in 2007

Posted in Real Insights | July 1, 2007

Did you know that national homes sales are expected to reach new heights in 2007? The Canadian Real Estate Association recently revised its 2007 forecast to predict a 3.6% increase in unit home sales. “Resale housing activity in the first quarter was far stronger than anybody had anticipated,” says CREA Chief Economist Gregory Klump. The national residential average price is forecast to rise over the next 2 years, while markets become more balanced. CREA President Ann Bosley adds, “Residential real estate markets across Canada remain healthy and active, and it is important to note that negative factor weighing on U.S. home sales are largely absent in Canada.”