Ottawa, ON, September 17, 2012 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2012 and 2013.
Since CREA’s last resale housing forecast, mortgage regulations were tightened further, activity in Ontario softened, and the slowdown of sales activity in British Columbia deepened. As a result of these developments, CREA has lowered its forecast for Canadian home sales this year and next. The national average price forecast has also been reduced, reflecting an expected decrease in Ontario’s and British Columbia’s provincial sales as a proportion of national activity.
The national average home price is forecast to rise by just 0.6 per cent to $365,000 in 2012, reflecting a strong start to the year for sales and average price in Ontario but fewer expensive home sales in British Columbia.
The national average price is expected to edge lower by one tenth of one per cent to $364,500 in 2013, with Ontario and British Columbia registering small price declines amid modest average price gains in other provinces.