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Toronto Market conditions

New record for MLS® home sales forecast for 2007

 National activity now expected to rise 3.6% over last year

 Despite earlier predictions of a moderating market, Canadian real estate sales just keep barreling along. So much so in fact, that industry forecasts are now being revised upwards. Boosted by record activity levels in the first quarter, national MLS® home sales are expected to reach new heights again in 2007, according to a new residential forecast prepared by The Canadian Real Estate Association (CREA).

Canadian resale housing activity was so strong in the first quarter of 2007 that it broke all national quarterly records, as well as many on the provincial and local level. This surprisingly strong performance in markets all across the country – and the momentum that it is creating into the second quarter -- was so remarkable that it required CREA to up its earlier forecast for the year.

The newest market projections call for national home sales to rise by 3.6% to 500,995 units in 2007, says CREA. That level of sales activity will result in new records in most provinces. Although CREA predicts that activity will edge slightly lower in 2008, sales are still expected to remain high in all provinces next year.

With sales still keeping a record-breaking pace, it's not surprising that the MLS® national average residential price is also forecast to rise over the next two years. Resale housing markets will become more balanced in all provinces, but will remain tightest in Western provinces where price increases will be greatest.

CREA's Chief Economist reports that home buying sentiment remains strong in all regions, and new listings have been unable to keep pace with sales activity. According to CREA, the resale housing market will become more balanced as rising prices erode affordability and cause a gradual retreat in sales activity. A strong job market and the continuation of low interest rates will keep sales activity strong even as prices continue to rise.

In addition, if you have any general questions about buying or selling real estate in Ontario, please contact me at http://www.epsteinrealestate.com as I'm more than willing to help.

Published Saturday, June 30, 2007 11:05 AM by Jordan Epstein

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