Kiyoko Fujimura

Buzzbuzzhome Corp.
July 30, 2010

During the month of June, CREA lowered its home sales forecasts to 490,600 units in 2010. However, after weaker-than-expected spring sales, CREA has once again lowered its projections.

According to CBC News:

The number of resale homes sold in Canada is forecast to hit 459,600 in 2010, a 1.2 per cent decline from 2009.

But, on the bright side (for sellers at least), prices are expected to increase by 3.5% in 2010. 2011 is a different story altogether.

According to CBC News:

Sales are projected to drop even further, by 7.3 per cent, to 426,100 units in 2011. The national average price is then forecast to ease by 0.9 per cent to $328,600 in 2011.

Not so great, but it’s definitely not going to be a giant bubble burst like our irresponsible neighbours to the South. Really, prices have made double-digit gains in the past year, so an easing of 0.9% isn’t that bad at all.

But don’t fret. They’re probably wrong anyway.

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