Canadian Real Estate Association Updates Housing Forecast

The Canadian Real Estate Association has revised its initial housing forecast for 2011 and 2012, giving the rest of 2011 a slight boost despite growing economic uncertainty.

“The continuing strength of home sales activity in the face of ongoing financial market volatility speaks volumes about the confidence of Canadians in our housing market,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “Interest rates look like they’ll remain low at levels that are friendly to the housing market for some time to come, and that’s good news for Canadian home sales activity and the overall economy.”

For the remainder of 2011, the Canadian Real Estate Association has predicted home sales will rise by 1.4 per cent, up from the previously predicted 0.9 per cent. In 2012, the association expects a 0.5 per cent decline.

“A number of factors will keep Canada’s housing market in check as interest rates remain low,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “These include tightened mortgage regulations, high household debt levels, together with slower economic and job growth. That said, with global economic growth expected to remain fragile but positive, employment levels and income growth in Canada should remain supportive for the market.”

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