The Canadian Real Estate Association has adjusted its sales activity forecast for 2011, when home sales were initially predicted to decline by 1.6 per cent. Now, the Canadian Real Estate Association says that sales will only decline by 1.3 per cent to 441,100 units.
Ontario real estate buyers are the lucky ones, as the Canadian Real Estate Association’s price forecast predicts only a 1.7 per cent increase as opposed to a 9.2 percent increase in British Columbia, where March prices in Vancouver were already 13 per cent higher than last year.
Gregory Klump, the chief economist for the Canadian Real Estate Association, said, “Foreign investment in Vancouver is showing no signs of slowing, so it seems likely to remain a prominent market feature for some time.”
“Home buyers expect mortgage interest rates to rise and are mindful of their current and future debt levels. They’re doing their homework to better understand how their mortgage payments and family budget might change down the road before they make an offer,” said Canadian Real Estate Association president Gary Morse. “That said, even though mortgage rates have increased recently, they remain very attractive and are keeping financing within reach for many home buyers.”
“Some housing markets are hotter than others, so buyers and sellers would do well to consult their local Realtor to understand how supply, demand and prices are evolving in their housing market,” he said.
The Canadian Real Estate Association has kept its 2012 forecast about the same, predicting that sales will increase by 2.6 per cent to a total of 452,500 units.
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