The Canadian Real Estate Association has updated its national home sales forecast for 2014, altering it only slightly from what was predicted earlier this year.
According to the forecast, “Sales are forecast to reach 463,400 units in 2014, representing an increase of 1.2 per cent compared to 2013. This is little changed from CREA’s forecast of 463,700 sales (rising 1.3 per cent) published in March. Activity is still expected to remain in line with its 10‐year average and to hold within fairly short reach of 450,000 units for the seventh consecutive year.
The highest increase will be seen in Alberta, while the largest fall will be experienced by Nova Scotia, according to the Canadian Real Estate Association.
“British Columbia is forecast to post the largest year‐over‐year increase in activity (8.3 per cent), and make the biggest contribution to the increase in national sales activity. B.C.’s projected increase in sales this year largely reflects a slow start to 2013.
Alberta’s annual sales are projected to rise by 3.8 per cent increase in 2014, while activity in Saskatchewan, Manitoba, and Ontario is expected to be roughly in line with 2013 levels. Sales are forecast to fall by 1.7 per cent and Quebec, 4.2 per cent in New Brunswick in 2014, 5.1 per cent in Nova Scotia, and by 2.6 per cent in Newfoundland and Labrador.”