The Canadian Real Estate Association (CREA) has revised its homes sales forecast for the rest of 2009 and for 2010, as the market has been more active than anticipated.
The forecast decline in activity was adjusted to reflect a stronger than expected rebound in activity in British Columbia and in Ontario.
The national MLS average home price is forecast to decrease 5.2 % in 2009, led by average price declines in BC and Alberta.
The original forecast predicted by CREA was 8 % for 2009.
Gregory Klump, CREA Chief Economist quotes:
Monthly resale housing activity improved as the first quarter progressed, entering the second quarter on a rising trend and closing in on levels last seen before it fell sharply late last year.
The national average price has begun to rebound from the recent low reached in January and is forecast to begin rising modestly above year ago levels in the 4th quarter of 2009.
