CREA increases its property sales forecast due to robust sales

The Canadian Real Estate Association (CREA) has revised its forecast for residential property sales activity due to a stronger than expected market.

Activity came in broadly in line with expectations across much of the country in the third quarter of 2011 with the exception of Ontario. Sales there came in stronger than anticipated in a number of regions over the summer, but were held aloft mostly by Toronto activity as the third quarter ended, it said.

Stronger than anticipated sales in Ontario pushed up national activity in the third quarter, and prompted CREA to raise its annual sales forecast for 2011 from 0.9% to a revised 1.4%.

Source: Property Community