OTTAWA – March 5 2012 – The Canadian Real Estate Association (CREA) has updated its quarterly forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2012, and extended it to 2013.
National home sales activity for 2012 and 2013 is projected to remain roughly on par with the 10 year average for annual activity, as interest rates remain low and further economic and job growth continue to support Canada’s housing market.
“The continuation of low interest rates is good news for housing and for the economy,” said Gary Morse, CREA’s President. “Local housing market outlooks differ according to their respective economic prospects, so buyers and sellers should talk to their local REALTOR® to better understand housing market prospects in their area.”
“CREA’s updated housing market forecast reflects recent & prospective trends for provincial home sales activity coupled with prevailing provincial economic outlooks,” said Gregory Klump, CREA’s Chief Economist. “Risks to the Canadian economic outlook remain elevated owing to the European sovereign debt quagmire, but the continuation of low interest rates is the silver lining. So long as the European debt crisis is contained and a global economic recession avoided, low interest rates will support Canadian home sales and prices. Recent trends are reassuring, but interest rates remaining low for longer will doubtless keep the Canadian housing market under scrutiny for signs of overheating.”