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Canadian Mortgage Broker News - CREA revises 2010 forecast

Canadian Mortgage Broker News - CREA revises 2010 forecast

CREA revises 2010 forecast

| Wednesday, 2 June 2010

Canadian resale home prices will be lower than previously predicted, according to revisions made by CREA to its 2010 forecast, due in large part to B.C. sales.

"Lower expected activity in British Columbia accounts for more than half of the downward revision in national sales activity," the group said in a release.

CREA cut its sales view to 490,600 units from their previous figure of 527,300. It also expects the average price to rise 1.6 per cent nationally in 2010, an almost four per cent drop from its previous forecast of 5.4 per cent.

According to the industry group, the decline in affordability in B.C. hurt sales in the province during Q1, but added sales in Ontario were on point with their predictions.

CREA now expects sales in B.C. to fall 5.9 per cent this year to 80,000 units.

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