CREA Updates Resale Housing Forecast
OTTAWA — June 15, 2016 — The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service Systems of Canadian real estate Boards and Associations in 2016 and 2017.
Canadian resale housing market trends that defined 2015 have intensified. National sales activity and average prices reached new heights in the first half of 2016 amid a growing supply shortage of single family homes in British Columbia and Ontario, particularly in B.C.’s Lower Mainland as well as in and around the Greater Toronto Area (GTA).
Price gains in these regions stand in contrast to declines in provinces where economic and housing market prospects are closely tied to the outlook for the oil patch and other natural resource industries. Elsewhere, home prices are growing modestly, such as in Ottawa or Montreal.