This article was last updated on April 16, 2022
Canada: 
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The residential real estate market of Canada has remained persistent in its slow decline in February too, which is a trend that the industry’s main association claims to be a result of tougher borrowing and lending laws introduced last summer. The Canadian Real Estate Association made amendments to its forecast on Friday, speculating lesser sales to take place in this year in light of the weak statistics from the second half of 2012, which showed lesser sales than it expected in some markets.
The association now predicts that sales in 2013 will expectedly total up to 441,500 units, i.e. a decline of 2.9 per cent from 454,573 in 2012. The amended prediction in comparison with the initial expectations shows two per cent drop in sales. Whereas, the national average home price is estimated to increase up by 0.2 per cent up to $362,600. The association’s chief economist, Gregory Klump, mentioned that “mortgage rules are expected to remain as they are, so sales should be less volatile than they have been in recent years.” It was added that “interest rates are also expected to remain low as the economy grows and adds jobs, which is supportive for the resale housing market.”
CREA mentioned that sales in February had declined by 15.8 per cent compared to same time last year, whereas the month-to-month trend showed a decline of 2.1 per cent. Klump pointed out that “until we get well into the summer months, year-over-year comparisons to months in the first half of 2012 are predictably going to be down significantly but not necessarily be indicative of further deterioration.”
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