The Canadian Real Estate Association revised its forecast upward Tuesday after reporting strong October sales. It now projects sales this year will be up 1.4 per cent from 2010, half a percentage point better than its previous forecast. However, CREA expects there will be slightly fewer units sold next year than in 2011, but the 0.5 per cent decline is still an upward revision of its earlier estimate.
The association forecasts 453,300 home sales countrywide this year, up from 446,915 in 2010. The forecast for 2012 is 451,200 homes sold. The latest RBC Housing Forecast released Tuesday also predicted 1.4 per cent growth this year, but was more upbeat than CREA about future sales, expecting a 0.4 per cent increase in 2012.
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