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National home sales to drop 17 per cent in '09; prices predicted to fall 8 per cent.( S" Z Y2 t N c6 e0 c
link: http://ca.news.finance.yahoo.com ... cent-09-prices.html$ w8 w3 [1 j+ T+ B- u
0 J+ A: w, ]: O. |$ l JOTTAWA - House prices are expected to fall eight per cent across Canada this year and sales are predicted to slip nearly 17 per cent, according to a new report from The Canadian Real Estate Association.
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+ x2 _4 V/ U5 g( `! _The association, known as CREA, said sales on the benchmark Multiple Listings Service fell 17.1 per cent in 2008. It said sales are expected to fall another 16.9 per cent to 360,900 units in 2009 - which would be the lowest level for national sales activity since 2000.
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5 u, q: o6 V2 A& G* KSales are expected to fall in every province, led by declines in British Columbia, Alberta and Ontario.. F2 T. N) j% W/ m
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CREA predicts sales to rebound by 9.9 per cent to 396,600 units in 2010, with the biggest recovery forecast for B.C. and Alberta.$ Y! W3 S/ C# s7 x( c& ?6 h
/ U: k+ l1 _4 w! M% J8 W4 BPrices are expected to drop eight per cent this year, with figures falling most in Western Canada and Ontario.8 J' I# m7 |0 z, d. a$ u
4 H" h# h& i2 L) {; g" `Meantime, the average home price in Newfoundland & Labrador is forecast to rise 4.8 per cent in 2009.8 e7 z5 [! ? f; r
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CREA said it expects prices to stabilize in 2010, with annual price increases of one per cent or less in five provinces.) m8 Z. ?, o% o7 r8 ^
# Z, V! y" q9 Y& I: WThe report comes the same day Canada Mortgage and Housing Corp. said housing starts slipped by 10.9 per cent to 153,500 units in January, compared to the month before.
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Economist say that is the largest per cent monthly drop since March 1995. |
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