Corporation (CMHC), the country's national housing authority, recently released its Housing Outlook for Canada. According to the CMHC forecast, Canadians can look forward to two more years of a stable real estate market. Here are some highlights of the forecast for 2012 and 2013:
MLS® sales are expected to remain stable in Canada in 2012, with over 457,000 homes trading hands this year.
Sales are expected to rise slightly in 2013, to surpass 468,000 resale units sold
Canada's national housing market will remain in balanced territory, being neither a buyers nor a sellers market.
The balanced market is forecast to continue throughout 2012 and in 2013
The average MLS price will see a moderate increase from the 2011 national average price just above $363,000, edging up to $368,900 in 2012
Further price growth is expected to raise the average to $379,000 in 2013.
The Bank of Canada has held interest rates at near historic lows for every consecutive rate announcements since September 2010
Mortgage rates are expected to remain at near-historic lows, staying flat for most of 2012; then starting to increase moderately either late 2012/early 2013
Of course, this forecast only gives you the ‘big picture’ on the national scene. Market information and house prices can vary dramatically within communities, between neighbourhoods, or even on the same street! Your local Coldwell Banker real estate professional can give you up-to-date information on your local market, and tell you how to use that ‘insider’ information to your best advantage. Why not call and talk real estate!
