A new forecast from a major Canadian real estate company predicts that the national housing market is stabilizing, after seeing a “remarkable turnaround” in the second quarter of 2009.
Royal LePage predicts that the selling price of the average house will drop by only two per cent this year — an improvement over the real estate company’s prior forecast from six months ago that predicted a three per cent drop.
The real estate company also predicts that the number of unit sales will drop about one per cent in 2009 to an estimated 430,000 sales.
Phil Soper, the president and CEO of Royal LePage Real Estate Services, said that the forecast adjustment is the result of the improved real estate sales numbers seen in the second quarter of this year.
Read the full article “Housing prices to drop 2 per cent in 2009: Royal LePage” in CTV.ca (July 7, 2009).