Today, The Canadian Real Estate Association(CREA) released an Resale Housing Market Update designed to append and assist in generating forecasts for homes sales activity in the country. For the most part the part the announcement reflected stronger than expected activity across much of the country, especially during the summer months, which where partly contributed to consumers committed to closing deals to satisfy pre-approval rates offered early in 2013. The fourth quarter saw a drop-off in sales, which CREA indicated supports that theory.
CREA had also indicated that although National Activity has been “remarkably stable”, and the Western Canada has performed slightly stronger than original expectations; Laura Leyser – CREA President also cautioned “Real estate market trends and outlooks can be very different depending on the region and community due to many local factors.”
Laura Leyser also further stressed the importance of buyers and sellers seek professional real estate assistance and have a discussion on the market that they live.
Sales projections have been revised to reflect higher optimism and higher sales expectations for British Columbia, Alberta, Saskatchewan,Manitoba, and Ontario.
The National Average Housing Price is expected to climb 5.2% to $382,000 in 2013, with similar gains expected in Ontario, The Prairie Provinces, and Newfoundland & Labrador, and Smaller gains expected in the remaining provinces.