Based on higher than expected market activity in the latter half of 2010, the Canadian Real Estate Association (CREA) has revised its 2011 sales forecast for residential sales through the Association's MLS® system.
The revised forecast stems from several factors. For one, buyers realize that the current mortgage rates still remain at historically low levels and have no place to go but up. The overall economic outlook for Canada remains positive and is continuing to improve and with it, consumer confidence is also on the move upward. National home sale in 2010 topped 447,010 units. CREA have forecasted a slight decrease (-1.6%) in unit sales for 2011 with sales expected to reach 439,900 homes. Conversely, CREA has improved their forecast for 2012 and are now anticipating sales nationwide to reach 453,000 homes, an increase of 3.0%.
How does Ontario fair in all of this? In 2010 home sales in Ontario reached 195,591 units, a decrease of 0.1% from 2009. Sales in the province for 2011 are forecasted to decline a further 5.2% with a total of 185,500 homes being sold. Slight improvement in Ontario sales activity is expected for 2012 with unit sales increasing to 187,900 an increase of 1.3% over forecasted sales for this year. All of this spells good news for consumers in that we are decidedly moving in the direction of more balanced market conditions which favours neither buyers nor sellers.
For further information relative to the local market please see my Georgian Triangle Real Estate News and my Condo Communique´ newsletters both of which can be subscribed to at www.propertycollingwood.com.
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