News Release - The Canadian Real Estate Association
The Canadian Real Estate Association (CREA) has lowered it’s forecast for homes sales via the Multiple Listing Service (MLS) Systems of Canadian real state Boars and Associations. The revision reflects a weaker than expected start to the year in recent developments that pulled forward the timing as to when sales are expected to ease in other provinces.
Additionally, changes to mortgage regulations announced in February are expected to marginally impact activity. The changes prompted some homebuyers to finance their home purchase before the new regulations took effect in April, which pulled forward a number of sales that would have otherwise take place at a later date.
“Interest rates are expected to rise slowly and at a measured pace during a new era of government spending restraint, so home financing will remain within reach for many homebuyers,” said CREA President Georges Pahud.
CREA had previously forecasted sales would remain at elevated levels through the first half of 2010 before easing in the second half of the year and over 2011. While forecasted trend for activity has not changed in CREA’s revised forecast, it as been pulled forward, with the fourth quarter of 2009 marking the peak of national activity. This has had the effect of lowering the forecast for national activity over the rest of the year.
MLS Statistic Report
Residential (Single family) Activity by Area
[MARCH 2010]
Sales/listings Average Sale Price %’age
Area YTD MONTH Change
NOTL 38% $498,357 -1.20%
Niag. Falls 47% $219,610 5.93%
Fort Erie 28% $231,646 7.37%
St. Cath 47% $197,450 1.66%
Thorold 66% $181,577 -0.15%
Pelham/Fonthill 52% $287,650 5.26%
Welland 54% $171,344 6.00%
Port/Wainfleet 43% $190,125 6.38%
Linc/West Linc 42% $268,093 2.53%
Out of Board 74% $300,681 4.29%
Total 44% $223,485 5.51%