Canadian Real Estate Sales Stronger Than Expected in 2nd Quarter

Canadian Real EstateThe Canadian Real Estate Association has revised its forecast for residential property sales as transaction activity and prices were stronger than expected in the second quarter of the year.

Sales momentum was also better than expected heading into the third quarter. As a result, the 2011 national forecasts for sales activity and average price have been raised.

National sales activity is forecast to reach 450,800 units in 2011, up less than 1% from levels in but CREA had previously forecast a decline of about 1% for activity in 2011. Erosion in affordability due to higher prices has prompted a small downward revision to the outlook for sales in 2012.

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