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Rising Home Prices Predicted Through 2008 Says National Forecast

Wondering if home prices can continue their upward climb in 2007? You may be surprised to learn that while the number of homes sold is expected to level off over the next several months, resale home prices should continue to rise – not just this year, but into 2008. According to the latest forecast released by The Canadian Real Estate Association (CREA), National MLS ® home sales activity will remain high both this year and in 2008. The forecast calls for the number of resale homes sold to ease slightly but remain above 450,000 units, which is near the strongest levels on record. Annual sales activity is forecast to rise this year in Saskatchewan and Manitoba and inch lower in other provinces.

While the number of homes sold may begin to ease below record levels, there’s no end in sight for the increase in house prices. The national MLS® residential average price is forecast to rise modestly over the next two years. Resale housing markets will become more balanced in all provinces, but will remain tighter in Western provinces where annual price increases will be the largest. The continued availability of low mortgage rates and high employment that’s still on the rise will continue to fuel the market this year and next. A strong economic outlook, rising incomes and high consumer confidence all reinforce a positive outlook for Canadian home buyers and sellers alike.

Of course, these national trends are only a general guideline. Real estate sales and home prices can vary dramatically from market to market, between neighbourhoods and even for houses on the same street. To learn more about home prices in your local market, contact us and we'll be happy to help!

Posted on Sunday, February 25, 2007 at 10:05PM by Registered CommenterElaine | CommentsPost a Comment

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