CREA raises forecast for 2016 home sales, expects fewer sales in 2017

OTTAWA — The Canadian Real Estate Association is forecasting national home sales this year will be slightly higher than its previous estimates, with increased expectations for Ontario offsetting a decline for British Columbia.

The association says the number of sales this year is expected to rise 6.2 per cent to 536,700 units compared with an earlier forecast for a 6.0 per cent increase.

Sales next year are expected to be 518,900 units, a drop of 3.3 per cent compared with the revised forecast for 2016.

The association released its updated outlook as it reported home sales through its Multiple Listing Service fell 5.3 per cent between October and November, the largest month-to-month decline since August 2012.

Compared with a year ago, sales volume in November was up 1.6 per cent.

The national average price for a home sold in November was up 7.3 per cent from a year ago at $489,591. Excluding Greater Vancouver and Greater Toronto, the average price was $361,260.

The Canadian Press