CREA (The Canadian Real Estate Association) has recently revised its annual resale housing forecast. This reduction of annual forecast was due to weak sales activity in third quarter of 2010. However, it is important to note that sales have improved so far in the fourth quarter, suggesting a stabilizing resale housing market. CREA also noted that based on a year to year comparison, resale levels may remain reduced into 2011 due to strong activity in late 2009 and early 2010.
CREA reports that housing supply and demand is stabilizing. This is an advantage to home buyers and sellers as it will result in price stability as the housing market is balanced. If interest rates continue to be low and stable the resale housing market is likely to remain balanced.
To read more about the figures and forecast of CREA, click here.
Until next time,
Jamie
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