OTTAWA, Feb. 20 /CNW Telbec/ - National MLS(R) home sales activity will
remain high this year and in 2008, according to The Canadian Real Estate
Association.
National sales activity is forecast to ease slightly but remain above
450,000, which is near the strongest levels on record. Annual activity is
forecast to rise this year in Saskatchewan and Manitoba and inch lower in
other provinces.
The national MLS(R) residential average price is forecast to rise
modestly over the next two years. Resale housing markets will become more
balanced in all provinces, but will remain tighter in Western provinces where
annual price increases will be the largest.
"Mortgage rates are low and will stay that way," said CREA Chief
Economist Gregory Klump. "Employment is high and will continue to rise.
Consumer sentiment is upbeat. Incomes are rising. The combination of those
factors will keep the housing market on a strong footing over the next couple
of years."
"Annual price increases will generally be smaller than last year in all
provinces," added Klump. "Saskatchewan is forecast to buck the trend by
posting a bigger annual average price increase this year because sales
activity has outstripped growth in new listings, which has caused the resale
housing market to tighten there."
"Your REALTOR(R) is the best person to look to for help in marketing the
features of your property, and for accurate pricing within your local real
estate market," said CREA President Alan Tennant, FRI. "It is very important
to look to your REALTOR(R) throughout the listing period for up-to-date and
sound advice."
"A home is one of your greatest financial assets, so using the
professional services provided by a REALTOR(R) provides both buyers and
sellers with the expertise and information they need to make the right
decisions," added Tennant.CREA MLS(R) Residential Market Forecast:
-------------------------------------------------------------------------
MLS(R) residential 2006 2006 2007 2007 2008 2008
unit sales forecast annual forecast annual forecast annual
percen- percen- percen-
tage tage tage
change change change
-------------------------------------------------------------------------
Canada 483,609 -0.04 475,965 -1.6 466,355 -2.0
-------------------------------------------------------------------------
British Columbia 96,671 -9.1 92,130 -4.7 90,345 -1.9
-------------------------------------------------------------------------
Alberta 74,189 12.6 72,210 -2.7 70,775 -2.0
-------------------------------------------------------------------------
Saskatchewan 9,140 10.0 9,315 1.9 9,170 -1.6
-------------------------------------------------------------------------
Manitoba 13,018 2.0 13,140 0.9 12,845 -2.2
-------------------------------------------------------------------------
Ontario 194,793 -1.1 194,285 -0.3 190,430 -2.0
-------------------------------------------------------------------------
Quebec 72,520 2.6 72,235 -0.4 70,485 -2.4
-------------------------------------------------------------------------
New Brunswick 7,125 4.2 7,045 -1.1 6,990 -0.8
-------------------------------------------------------------------------
Nova Scotia 10,577 -3.3 10,315 -2.5 10,065 -2.4
-------------------------------------------------------------------------
Prince Edward Island 1,492 3.0 1,355 -9.2 1,340 -1.1
-------------------------------------------------------------------------
Newfoundland 3,537 10.2 3,435 -2.9 3,415 -0.6
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MLS(R) residential 2006 2006 2007 2007 2008 2008
average price annua forecast annual forecast annual
percen- percen- percen-
tage tage tage
change change change
-------------------------------------------------------------------------
Canada 276,974 11.1 296,200 6.9 310,400 4.8
-------------------------------------------------------------------------
British Columbia 390,963 17.7 427,800 9.4 454,000 6.1
-------------------------------------------------------------------------
Alberta 285,497 30.8 329,800 15.5 353,700 7.2
-------------------------------------------------------------------------
Saskatchewan 132,078 7.6 142,900 8.2 152,200 6.5
-------------------------------------------------------------------------
Manitoba 150,229 12.2 164,500 9.5 177,100 7.7
-------------------------------------------------------------------------
Ontario 278,455 5.9 289,500 4.0 298,500 3.1
-------------------------------------------------------------------------
Quebec 194,024 5.1 201,700 4.0 208,400 3.3
-------------------------------------------------------------------------
New Brunswick 126,864 5.2 131,900 4.0 135,400 2.7
-------------------------------------------------------------------------
Nova Scotia 169,237 6.3 178,900 5.7 186,600 4.3
-------------------------------------------------------------------------
Prince Edward
Island 125,430 7.0 133,300 6.3 137,400 3.1
-------------------------------------------------------------------------
Newfoundland 139,542 -1.2 143,200 2.6 146,000 2.0
-------------------------------------------------------------------------
For further information: please contact: Gregory Klump, CREA Chief
Economist, (613) 237-7111, gklump@crea.ca
