In addition, existing home sales are forecasted to rise 13.3%, according to The Canadian Real Estate Association (CREA) in a recent article by CBC News.
Interestingly, the average home price increase would be $17,300 and the slight drop predicted for 2011 would be $5,100. That’s still approx. $12,000 more in the average Canadian home price from now to the end of 2011! Perhaps that is one reason, along with higher interest rate forecasts, why they are predicting a new annual record of home sales to reach 527,300 for this year.