Canadian real estate forecasts upgraded

Canadian real estate forecasts upgraded

Canada’s real estate market continues to make a strong showing.  Recently, industry forecasts for the national housing market were slightly upgraded.  On August 16, The Canadian Real Estate Association (CREA) revised its forecasts upward for 2011 and 2012.  National sales activity is forecast to reach 450,800 units in 2011, edging just slightly higher than the sales levels 2010.  Sales in 2012 are forecast to stay at similar levels, easing just seven tenths of a percentage point to 447,700 units next year.

According to CREA, additional new listings are expected to result in a more balanced resale housing market in most provinces.  The national average home price in Canada is forecast to rise 7.2 per cent overall in 2011 to $363,500.  However, prices are expected to moderate in the second half of this year.  The national average is forecast to stabilize in 2012, although at a slightly higher level than previously expected.

Of course, that’s just an overview of the national scene.  It’s important to remember that real estate is, and always will be, a local business.  Prices can vary dramatically within a community.  Even from street to street.  That’s why it’s so important to talk to your local Realtor® real estate professional, to help you understand the market and make smart decisions.