CREA Lowers Resale Sales Activity Forecast for 2010/11

OTTAWA, Ont. — The Canadian Real Estate Association (CREA) has lowered its forecast for home sales activity via the Multiple Listing Service (MLS) Systems of Canadian real estate Boards and Associations for 2010 and 2011.
Sales activity in the third quarter of 2010 began on a weak footing, but gained traction as the quarter progressed. Improving momentum for home sales activity suggests the resale housing market is stabilizing, but weaker than expected third quarter activity has reduced CREA’s annual forecast. www.crea.ca.