Blog by Barb Pasternak,

Blog by Barb Pasternak

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CREA revises housing forecast

Financial Post · Tuesday, Feb. 8, 2011

OTTAWA — The Canadian Real Estate Association has raised its outlook for home sales this year, pointing to an improving economic outlook and strengthening consumer confidence.

Sales in 2011 are expected to total 439,900 units, which is still down 1.6% from 2010, the industry group said Tuesday. However, it forecasts sales to rise 3% to 453,300 units in 2012 — in line with the 10-year average.

CREA said sales in the second half of 2010 rebounded faster than previously expected. “The hand-off going into 2011, together with the highs and lows for sales activity posted in 2010, provided guidance for CREA’s revised forecast,” said CREA economist Gregory Klump.

CREA said the upward revision for 2011 “reflects recent improvements in the consensus economic outlook and a further expected improvement in consumer confidence.”

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