Weak B.C. home sales leads to revised national forecast

The Canadian Real Estate Association cut its 2010 forecast for resale house prices and sales on Wednesday, saying sales in British Columbia were not as strong as expected at the start of the year.

VANCOUVER — Weakness in B.C. home sales caused the Canadian Real Estate Association to lower its forecast for home sales via the Multiple Listing Service systems of Canadian real estate Boards and Associations.

CREA's previous national forecast was heavily influenced by British Columbia and Ontario forecast trends, and this remains the case in the revised forecast.

While sales activity is unfolding as expected in Ontario, the decline in affordability in British Columbia impacted sales in the province during the first quarter of 2010 according to a news release.

In the group's revised forecast, the average national price is expected to climb 1.6 per cent to $325,400 in 2010. The previous forecast predicted an increase of 5.4 per cent.

In B.C., prices are expected to rise 2.3 per cent to $476,400 this year. Sales here are expected to fall 5.9 percent in 2010 to 80,000 units from 85,028 units in 2009.

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