Sales expected to rebound in 2012; prices continue to rise.

There are good things on the horizon for the Canadian real estate market.  AT least, so say the latest industry forecasts, which have just been revised upward.  The Canadian Real Estate Association (CREA) has just boosted its 2011 national forecast for MLS® sales.  What’s more CREA has now also issued a very positive forecast for 2012.

The new forecast, represents an upward revision to CREA’s earlier national forecast for 2011.  CREA sites recent improvements in economic outlook, along with further expected improvement in consumer confidence as reasons for the upward forecast.

There’s good news for homeowners and home sellers too, as property values are expected to continue their upward climb, although at a much more moderate pace.  According to CREA, the national average home price is expected to rise 1.3% in both 2011 and 2012.  The average price is expected to rise modestly in most provinces, reflecting the continuation of a healthy balance between supply of, and demand for, homes listed for sale.

Of course, this is just an overview of the national picture.  Home prices vary dramatically between communities and within neighbourhoods.  For a more detailed look at what home sales are doing in your neighbourhood call us any time at 604-467-9300.  THE RALPH TELEP TEAM