Looking ahead: real estate optimism springs eternal in Victoria

January 25, 2012

Real estate optimism springs eternal in Victoria and this optimism was buoyed by December 2011 sales stats recently released by the Canadian Real Estate Association.

According to the association, sales of existing homes in Canada rose 1.8 per cent in December from the previous month, and by 4.6 per cent from a year earlier. Sales totalled 39,740 unit last month, compared to 39.033 in December and 23,669 units a year earlier, the industry group said.

On a year-to-year basis, sales were up by a seasonally adjusted 2.2 per cent to 456,749 units in 2011. Meanwhile, the number of newly listed homes rose three per cent in December from a month earlier the CREA reported.

"While buyers have become increasingly cautious, the hand off for sales activity going into the new year suggests that Canada's housing market will continue to benefit from low interest rates in 2012, and continue making a significant contribution to Canadian economic activity," said CREA president Gary Morse. "The momentum in sales activity provides clear evidence that low interest rates continue to draw homebuyers to the housing market."

Meanwhile, Royal LePage feels that with record low long-term mortgage rates in place, Canada's housing market will continue to be strong in 2012. Royal LePage forecasts prices across the country to rise 2.8 per cent by the end of 2012, continuing on strong gains in 2011.

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