The multi-million dollar Vancouver home sales that skewed the national average in 2011 are not expected to happen this year, according to an industry group.
The Canadian Real Estate Association says, “As a result, while prices are projected to hold steady near current levels, the national average price is forecast to dip by 1.1 per cent to $359,100.”
It predicts prices will rise 0.9 per cent next year, topping $362,000.
CREA chief economist Gregory Klump says the forecast reflects recent positive trends for sales coupled with provincial economic outlooks. But he cautions the risk to the market remains elevated “owing to the European sovereign debt quagmire” and that continuing low interest rates will keep the housing market “under scrutiny for signs of overheating.”
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