Royal Lepage Kelowna Newsletter

November 2010

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CRE A Revises Annual Housing Forecast

OTTAWA – November 5, 2010 –

Service® (MLS®)Systems of Canadian real estate Boards and Associations for 2010 and 2011. Sales activity in the third quarter of 2010 began on a weak

footing, but gained traction as the quarter progressed. Improving momentum for home sales activity suggests the resale housing market is stabilizing, but

weaker than expected third quarter activity has reduced CREA’s annual forecast.

National sales activity is now expected to reach 442,200 units in 2010, representing an annual decline of 4.9 per cent. While monthly levels for sales activity

are stabilizing, year-over-year comparisons are likely to remain stretched well into 2011 due to the record-level activity reported in late 2009 and early

2010. Lackluster economic and job growth, muted consumer confidence, and the resumption of interest rate increases are expected in 2011. Against this

economic backdrop, national home sales activity is forecast to decline by nine per cent to 402,500 units.“Interest rates are expected to resume their return to

more normal levels next year, but will still be at levels that are friendly to the housing market,” said Georges Pahud, CREA’s President. “For the tenth year

in a row, more than 400,000 homes are expected to change hands over the MLS® Systems of Canadian real estate Boards and Associations next year.”

Modest average price gains are forecast in 2011 in all provinces except British Columbia, Alberta, and Ontario. Lower sales activity in British Columbia

and Ontario are expected to result in a 1.3 per cent decline in the national average price to $326,000.

The Dion-Ivans Real Estate Group- Your best source for Kelowna Real Estate.The Canadian Real Estate Association (CREA) has lowered its forecast for home sales activity via the Multiple Listing