The Canadian Real Estate Association's (CREA) recently updated home sales activity forecast shows varying market trends from across some of the country’s regions.
CREA’s housing sales forecast, which is based on Canada’s Multiple Listing Service (MLS) 2017-18 real estate boards and associations, followed several themes: British Columbia, the Greater Golden Horseshoe, as well as provinces dependent on oil and natural resources.
CREA’s report also takes into account provincial changes and financing as factors in the updated market statistics.
“Access to financing and affordability for potential home buyers has been reduced by tighter federal regulations announced late last year, together with recent increases in mortgage default insurance premiums and changes to Ontario housing policies,” CREA said in its report.
“With little more than a month having passed since the provincial changes were announced and implemented, the combined impact of policy changes on home buyer and seller sentiment, sales, listings, and the balance between the two pose potential upside and downside forecast risks,” CREA also states in its report.
National sales activity is expected to decline but only by 1.5 per cent, according to CREA. The association predicts Albert will have the largest increase in real estate market activity but still below the area’s 10-year average and a national average price rise of 7.4 per cent.