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 in 2013 and extended the outlook to include 2014.
National sales activity has held fairly stable after gearing down last August in the wake of changes to mortgage lending rules and guidelines. Supply is responding to lower demand, keeping the housing market in balanced territory and resulting in stable average prices. However, national housing market trends continue to mask some increasingly divergent regional trends.