Canadian Real Estate Association Updates Resale Housing Forecast

The Canadian Real Estate Association has released its updated housing forecast for the remainder of 2013 due to a speedier improvement in national sales. An improvement in national sales was expected after a slow start to the year, but the national resale activity has picked up much faster than anticipated.

“Real estate markets can be very different depending on the region and community due to local factors,” said the president of the Canadian Real Estate Association, Laura Leyser. “For that reason, buyers and sellers should talk to their Realtor about the housing market outlook where they live or might like to.”

Sales across Canada are currently forecast to hit 449,900 units, which is a drop of one per cent over last year. In 2014, predicted sales activity hasn’t changed and is forecast to hit 465,600.

“The environment for home prices in Quebec, New Brunswick and Nova Scotia will likely be shaped by ample inventory levels relative to sales,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “The balance between the two indicates that buyers will have an abundance of listings from which to choose in those provinces, which could keep pricing prospects in check until sales draw down inventories.”

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