On this fine Monday morn’ we’ve just read all about the Canadian Real Estate Association’s announcement that nationwide home resales are expected to rise by 0.3 per cent with low interest rates continuing to support the market.
CREA forecasts that sales will reach 458,800 units in 2012, up from 457,305 in 2011. In 2013, sales are expected to decline to 457,200. Not exactly what you’d call a volatile market…
While CREA also forecast that the national average price is likely to drop by 1.1 per cent this year to $359,100, they also expect prices to increase by 0.9 per cent in 2013.
“So long as the European debt crisis is contained and a global economic recession avoided, low interest rates will support Canadian home sales and prices,” said Gregory Klump, CREA’s chief economist.
“Recent trends are reassuring, but interest rates remaining low for longer will doubtless keep the Canadian housing market under scrutiny for signs of overheating.”
Well, there you have it. Your market news for Monday morning. If that doesn’t snap you out of your malaise try some good ol’ fashioned coffee.