National home sales activity now forecast to rise 8.1% over last year
Joe Crawford
Just how good is it going to get? That seems to be the question on
every Canadian homeowner's mind these days. The answer is better than
even the industry expected. Fueled by record activity levels in the
first half of the year, national MLS® home sales activity is expected
to reach record levels again in 2007. At least, so says the latest
residential forecast released August 20 by The Canadian Real Estate
Association (CREA). What's more, the increase forecast for this year
is being revised upwards, with yet another near-record year predicted
to follow.
CREA now forecasts that national home sales will rise by a whopping
8.1% to 523,100 units in 2007. The good news continues right across
the board as new annual records are expected to be set in most
provinces. While sales activity is forecast to edge slightly lower in
2008, it's still expected to reach the second highest annual level on
record in almost all provinces.
But the real good news for homeowners is when it comes to price. In
addition to sales activity, resale home prices are forecast to set new
records in every province both this year and again in 2008. However,
while prices will continue to rise, the increases are forecast to be
smaller next year. The resale housing market is expected to become
more balanced, particularly in Western Canada , as housing prices
continue to increase in 2008 and higher interest rates further impact
affordability.
According to CREA, consumers continue to have strong confidence in
Canada 's resale housing market and the record-breaking pace indicates
the Canadian market has shrugged off the sub-prime problems that have
been affecting the housing market in the United States and a number of
investment funds. Home buying sentiment remains upbeat in all regions
and mortgage financing is still within reach for many potential
homebuyers. Strong employment numbers will keep sales activity strong,
even as prices and interest rates continue to rise.
If you're a homeowner, it's a great time to sell and realize some of
the equity that's locked within your home. If you're a buyer, there's
no time to waste. By acting quickly, you can still lock in an
attractive interest rate and see your property appreciate in value.
Contact your local Coldwell Banker® real estate professional and take
advantage of their expert advice.
After you've searched through some listings online and you're thinking
you'd like to know more, contact me your Coldwell Banker professional
Joe Crawford (519)742-5800 ext 2117, You've got nothing to lose and a
lot to gain!