The forecast for residential Real Estate sales in 2011 across Canada is that sales are expected to return to the traditional Real Estate cycle.
RE/MAX examined trends and developments in 26 major centres across Canada and found that home-buying activity fell short of 2009 levels, however all areas reported an upswing in average price.
By the end of 2010 there should be 441,000 homes sold, a five per cent decline from 2009 however the average home price is forecast to reach 7 per cent to $340,000.
The Real Estate market in 2011 is expected to mirror 2010 in sales and the average resale price in 2011 should rise by 3 per cent to $350,000.
Residential Average Price Increase By Market:
- Greater Vancouver+5%
- Greater Toronto+2%