CREA Lowers Resale Forecast for 2010 and 2011
Posted by Chris Proctor on
Earlier this month, the Canadian Real Estate Association (CREA) lowered its resale housing forecast for 2010 by a modest 4.9%. The decline is expected to reach 9% in 2011.
The revised forecast, which is based on the Multiple Listing Service’s (MLS) home sales activity, is due to less-than-stellar national economic growth. Factors such as slow job creation, shaky consumer confidence, and slowly rising interest rates are also playing a role.
However, the overall picture – especially in places like Alberta, which has a relatively strong and growing economy – is not grim. Really, the decline is a realistic correction in the marketplace, which saw massive, record-level activity in 2009 and into 2010. It’s still a “friendly” housing market…
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