The Canadian Real Estate Association has announced that it has updated its national home sales activity forecast for the remainder of 2015 and into 2016.
In Ontario, home sales are expected to increase by 7.3 per cent this year, while nationally the average home price is expected to increase by 6.2 per cent to $433,600.
“Since CREA’s forecast published in June, the outlook for oil and other natural resource commodities has deteriorated,” said the Canadian Real Estate Association in a press release. “As a result, the economic and employment backdrop has dimmed for provinces whose prospects rely on their production.
But, the continuation of low interest rates and supportive demographics has resulted in stronger than expected home sales activity in British Columbia and Ontario. These two provinces account for approximately 60 per cent of Canadian housing activity, so stronger than expected trends in these provinces have contributed to an upward revision to CREA’s forecast for national sales activity and average prices.”
For more information, check out the housing forecast update here.