Canada’s housing market continues to show signs of stability as the number of homes sold so far this year has come in slightly higher than projected, a possible signal that the market is set for a rebound in 2014, according to the Canadian Real Estate Association.
The industry group representing Canadian realtors reported Monday that although it still expects fewer sales to be logged this year than in 2012, the decline will be smaller than what was predicted in March.
Overall, it forecasts that there will be more sales next year than in 2013 and 2012.
Douglas Porter, chief economist with BMO Capital Markets, said the figures show that the doom and gloom that has been anticipated for the Canadian housing sector looks like it’s been delayed – at least for the near future.
“Overall, this is relatively encouraging news,” he said. “If anything, the surprise has been how healthy the housing market has been.”
CREA is now estimating that 443,400 units will be sold in 2013 , a decline of 2.5 per cent from 454,573 in 2012. It had previously projected a decline of 2.9 per cent from 2012.
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