CREA Updates Resale Housing Forecast

A recent report from the Canadian Real Estate Association (CREA) forecasts anticipated resale activity for the remainder of 2012 through 2013. In the June report, we learn that Alberta and Saskatchewan markets are expected to see stronger than expected growth, and Ontario (specifically Toronto) should continue to expect continued robust sales activity. Ontario's forecasted sales activity and home prices were revised upward to account for stronger demand in the Toronto area.

Resale activity is expected to reach 475,800 units in 2012, an increase of 3.8% over last year. Wayne Moen, the president of CREA, is quoted as stating "National activity over spring months was stronger than anticipated ... This shows clearly how the continuation of low interest rates is keeping homeownership affordable and within reach."

The report also forecasts an increase in the national average home price to 370,700, citing a trend of stronger than expected price increases in the early months of 2012. The rise of interest rates is still expected to be gradual, and Canada's housing market is expected to remain resilient.

For more information, contact a qualified Mortgage Broker.

Click here for the full report from the Canadian Real Estate Association.