April 1st - 2011

MARKET WATCH: Improved housing sales predicted

Canadian home sales for 2011 are expected to be better than previously predicted, thanks to improving consumer confidence which will partly offset the anticipated negative impact of interest rate hikes, The Canadian Real Estate Association (CREA) reports.

Canadian home sales for 2011 are expected to be better than previously predicted, thanks to improving consumer confidence which will partly offset the anticipated negative impact of interest rate hikes, The Canadian Real Estate Association (CREA) reports.

CREA recently released a revised, more positive 2011 forecast for home sales activity via the MLS® Systems of Canadian real estate boards and predicts that this good news story will spill over into 2012. The national average home price is predicted to rise 1.3 per cent in 2011 and 2012, to $343,300 and $347,900 respectively. Average prices are expected to rise modestly in most provinces, reflecting the continuation of a healthy balance between supply and demand of resale homes. For more information, visit www.realtorlink.ca.

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Jean-Adrien Delicano

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