Canadian existing-home sales are expected to set a new record in 2006, according to a forecast released today by The Canadian Real Estate Association. After setting the fifth consecutive annual record in 2005 at 483,233 units, CREA expects national resale housing activity to edge up to 483,265 units in 2006 – an increase of about 0.1 percent. Activity is then projected to ease by 4.8 percent in 2007 as sales return to more normal levels. After climbing 10.2 percent in 2005, CREA projects that the national MLS residential average price will increase by 11.4 percent this year and 6 percent in 2007. Annual increases in average price are expected to remain below 10 percent in all provinces in 2007. Housing markets in Western provinces will remain tightest, with prices increasing at double the rate of other provinces. Home sales in all provinces are expected to fall in 2007 compared to 2006 sales, dropping 11.6 percent on Prince Edward Island, 11.1 percent in Newfoundland, and 9.1 pe...
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