Canadian Home Sales Likely to Beat Forecasts for Year

Canadian Real EstateThe Canadian Real Estate Association said Friday that the national home price and sales activity this year will be higher than previously forecast, following a strong spring.

It forecasts 475,800 homes will be sold in 2012, up 3.8 per cent from 2011, compared with earlier expectations of a gain of 0.3 per cent.

The average home price is forecast to rise by 2.2 per cent to $370,700 in 2012 compared with an earlier expectation that it would fall 1.1 per cent.

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