(Source: Globe and Mail)

A strengthening economy means more houses will sell in Canada this year than expected, the Canadian Real Estate Association said Monday as it boosted its sales forecast for the year by 6.6 per cent.

Average prices, meanwhile, are now expected to climb 4.2 in 2009 to a record $317.900 – a 1.5-per-cent boost over CREA’s previous estimated.

“Pent-up demand built in late 2008 and early 2009, as many buyers moved to the sidelines pending an improved economic outlook,” said president Dale Ripplinger. “With the economic outlook having improved since then, the release of that pent-up demand will boost activity over the rest of the year and in 2010.”

Read Steve Ladurantaye’s full article “Recovery to strengthen house sales” in the Globe and Mail (November 16, 2009).

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