Canadian Real Estate Association Increases Resale Housing Forecast

The Canadian Real Estate Association has announced that it has revised its home sales forecast for 2014 and 2015.

“The deferral of sales and listings during an extraordinarily bleak winter delayed the start to the spring home buying season earlier this year,” said the Canadian Real Estate Association in a press release. “This deferral boosted activity in May and June as properties were snapped up after finally hitting the market, particularly in markets with a shortage of listings.”

Sales were previously forecast to reach 463,400 units, but the Canadian Real Estate Association has increased this to 475,000.

CREA went on to say:

“Activity in Saskatchewan, Manitoba, Ontario, Quebec and New Brunswick is expected to come in roughly in line with 2013 levels, with sales increases ranging between one and two per cent in the first three provinces and edging lower by about one per cent lower sales in the latter two provinces.”

“The national average home price is now projected to rise by 5.9 per cent to $405,000 in 2014, with similar price gains in British Columbia, Alberta, and Ontario.”

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