The Canadian Real Estate Association (CREA) has revised its forecast for home sales activity via the Multiple Listing Service for 2011 and 2012 and the outlook is positive.
Overall both sales activity and prices have come in stronger this year. In fact, instead of its original prediction that sales would decline by about one percent in 2011, CREA is now forecasting a slight rise in national sales activity. The average home cost varies significantly by province and shows no sign of extreme deviation in the upcoming year. CREA calculated that the average price across Canada is forecast to rise from the 2010 average of $339,046 to an expected average of $363,500 in 2011.