Revised CREA Resale Housing Forecast

The Canadian Real Estate Association (CREA) has revised its forecast for home sales activity via the Multiple Listing Service^® (MLS^®) Systems of Canadian real estate Boards and Associations for 2011 and 2012.

Sales activity and home prices remained strong in the second quarter. As a result CREA revised its national forecasts for sales activity and average price a little higher. Sales are expected up be up around 1% over last year and reach 450, 800 in 2011. A decrease in sales is now expected for 2012 with about 447,700 units due to affordability going down as prices rise. Overall increases in British Columbia and Ontario have offset the decrease in Quebec, Manitoba and Newfoundland.

“While there had been some talk of potential interest rate increases, that hasn’t happened,” said Gary Morse, CREA President. “In fact, mortgage interest rates have actually come down, and are now expected to remain low for the remainder of this year and into 2012. It’s a great opportunity to purchase a property with financing at very favourable rates.”

The average home price is expected to rise to #363,500 or 7.2% in 2011. This represents and increase from the previous estimates as it reflects the continued growth in Vancouver and the acceleration of the Ontario, specifically Toronto condo market. Home prices are now expected to stabilize in 2012.

For more information on the Toronto market please send me an email at wpianka@tmacc.com

About wojciechpianka

After a few years of studying English and History at the University of Toronto, I decided to transfer to Ryerson University and pursue a Bachelor of Commerce degree. While studying, I worked various jobs where I acquired many skills. Starting as a teller at Scotiabank, I moved on to being a manager of a restaurant, admin staff at a medical clinic, a sales agent for INGDirect and a manager at One King West Hotel. While all these jobs challenged me, I never felt my potential being utilized. Finally in 2008, I completed the Ontario Mortgage Agent Course and signed up with The Mortgage Alliance Company of Canada. This was a great decision, as it allowed me to use the skills I learned working to help people achieve their real estate and financial goals. My passion for real estate and numbers has lead me to becoming a mortgage agent. Growing up in New York City, I always had a fascination of historic buildings and skyscrapers. At 21, I bought my 1st property and have been investing in real estate ever since. I firmly believe thru steady, safe and conservative investing a one can obtain long term financial wealth. One day, I hope to develop the same buildings I help clients purchase.

View all posts by wojciechpianka →