A burst of activity- particularly in British Colombia, has caused CREA to adjust its’ forecast for 2011 and 2012.
They now expect national sales activity to reach 441,100 units in 2011, which is down by 1.3 % from 2010. This is slightly better than the 1.6 % decline forecast by CREA in February, driven in part to stronger than expected activity in British Columbia in Q1 2011.
Looking forward to 2012, CREA expects that that national sales activity will rise by 2.6 % to 452,500 units. This is much the same as the previous forecast, and is in line with the ten year average for annual activity.
Looking at average home prices across the country, CREA forecasts that prices will rise a respectable 4% this year and an additional nine-tenths of a per cent in 2012, to $352,500 and $355,800 respectively.
This reflects an increase over the previous forecast, due to an unexpected surge of buying activity of multi-million dollar homes in British Colombia- in particular in Vancouver. This emphasizes the tremendous impact too, that this activity localized to BC will actually have on the whole country.
There is some expectation too, that a rise in interest rates in the next few months will not have a huge material impact on housing sales, and CREA largely expects gains to reported on the heels of a modest dip in the last quarter.
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Constantine Isslamow | Broker of Record
CENTURY 21 United Realty Inc. Brokerage
387 George Street South, P.O. Box 178
Peterborough Ontario. K9J 6Y8
Direct Line: 705.743.4444 | Fax: 705-743.3702
Constantine.Isslamow@gmail.com
www.ConstantineIsslamow.com
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