CREA Updates Resale Housing Forecast
OTTAWA — The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service (MLS) Systems of Canadian real estate Boards and Associations for 2015 and 2016.
Since CREA’s last forecast published in September, housing markets in British Columbia and Ontario have strengthened further. As a result, CREA has raised sales and average price forecasts for these provinces.
While housing markets in other provinces have performed as expected through the autumn, prospects in 2016 for a rebound in oil prices – and by extension, housing markets in oil producing provinces – have dimmed. Accordingly, forecast for sales activity in Alberta has been revised lower, as have forecast average prices in Alberta, Saskatchewan and Newfoundland and Labrador.