Tuesday, August 21, 2007

Canadian Existing Home Sales To Jump 8% This Year

The Canadian Real Estate Association has upgraded its forecast for 2007 to 523,100 units, up 8.1% from last year, and expects new records for existing home sales to be set in most provinces. Average price of a home in Canada is expected to jump 10.4% to $305,900 (Cn).

The group predicts a slight decline of 2% in 2008 to a still-healthy 512,705 homes sold. Existing home prices in Canada are forecast to be up another 5.5% next year to $322,700 (Cn).
CREA Chief Economist Gregory Klump noted, “Resale housing activity was a juggernaut in the second quarter of 2007. Record breaking sales activity in the first and second quarters forced The Canadian Real Estate Association to revise its forecast upward. Home buying sentiment remains upbeat in all regions and mortgage financing is still within reach for many potential home buyers,”

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