National real estate group forecasts 11% slide in listings for Alberta
CALGARY - The Canadian Real Estate Association has revised its forecast downward for MLS residential sales activity but elevated its average price forecast at the national level.
The national association of realtors said today that weaker than anticipated sales activity during the crucial spring home buying season in Canada`s four most active provincial markets prompted the revision. "The decline is consistent with the exhaustion of pent-up demand from deferred purchases during the economic recession, and sales having been pulled forward into early 2010 due to changes in mortgage regulations," said CREA.
In Alberta, CREA is predicting total MLS sales of 51,300 this year, down 10.8 per cent from the previous year and a further 3.2 per cent annual decline in 2011 to 49,650 sales. It is forecasting the average MLS sale price this year will increase by 2.5 per cent from 2009 to $349,600 but fall by 0.3 per cent in 2011 to $348,500.
In its previous forecast released in early June, CREA forecast MLS sales of 55,900 this year with an average price of $348,400 and sales of 55,400 in 2011 with an average price of $350,800 in the province.
At the national level, sales activity is forecast to reach 459,600 units in 2010, representing an annual decline of 1.2 per cent. CREA is also predicting a 7.3 per cent decline in 2011 to 426,100 units. As for average sale prices, the association sees a 3.5 per cent gain this year to $331,600 followed by a 0.9 per cent decline next year to $328,600.
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