The Canadian Real Estate Association has announced that it has updated its forecast for national home sales for 2014 and into 2015.
“The national forecast reflects a combination of recent and projected real estate market trends that can be very different depending on their location due to many 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.”
While 2014 sales started out at lower levels due to a harsher winter across much of the country, but there were also very strong levels recorded at the end of the summer and into the fall of last year.
The Canadian Real Estate Association now expects home sales to be higher into the spring of 2014.
Gregory Klump, the chief economist for the Canadian Real Estate Association, said, “I expect fixed mortgage rates will edge marginally higher in the second half of 2014 as evidence confirms an anticipated pick-up in economic growth. Marginally higher mortgage rates are likely to counterbalance the lift provided by stronger economic and continuing job growth, and restrain the momentum for sales activity.”
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