Canadian Real Estate Association Revises Housing Forecast

The Canadian Real Estate Association has announced that it revised its 2015 housing forecast.

“Low rise property markets remain tight in parts of British Columbia and Ontario,” said the Canadian Real Estate Association in a Press Release. “These are the only two provinces where a shortage of listings for low rise homes is expected to fuel average price gains above inflation this year.”

They continued, “In other provinces, listings have begun to decline by remain elevated. Average prices across the Prairies, Quebec and the Atlantic region are unlikely to see much in the way of price growth over the forecast horizon as sales gradually deplete listings.”

As a result, the Canadian Real Estate Association has increased its forecast for national sales, which it expects to increase by 1.3 per cent to 487,200 units. In 2016, price growth in Ontario is expected to be the highest in the country, at an increase of 2.6 per cent.

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