Canadian Real Estate Forecast 2012
CREA recently released an updated housing forecast and it says prices will rise despite overall sales remaining steady. The forecast is a prediction of home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations for 2011 and 2012. Those listings are visible on the MLS.ca website.
Overall, nationally, sales across Canada’s MLS boards was stronger than expected and this has resulted in CREA revising their forecast for 2011 and 2012. National MLS sales activity is forecast to reach 450,800 units in 2011, only a slight rise of about 1% from 2010. BC’s and Vancouvers 2011 sales forecast has been revised slightly higher as CREA believes home sales there may have bottomed out sooner than expected. CREA’s 2012 national sales forecast is that sales will ease .7 of a percent (447,700 units).
The average home price across Canada is forecast to rise 7.2% in 2011 to $363,500. This takes into account the strong price growth in Vancouver in the second quarter of 2011, and higher in prices in Toronto.
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