4 August 2010

In fall CREA expects housing activity to reach 459,600 sales. It will be an annual 1,2% decline, while the national-average home price is supposed to rise to $331,600 (in June the association’s forecast was $325,400).

Lower spring sales activity in Canada’s four main provincial markets made the association change their forecasts, especially, with today’s rising mortgage rates.
In 2011 CREA projects sales activity 7,3% decline, with annual sales of 426,100 units. The main thing is that the country faces weaker economic growth and consumer spending.

And though the association forecasted price increase in most provinces during 2011, the national average price is expected to decrease by 0.9% to $328,600.