The Canadian Real Estate Association (CREA) was a “little” shy on this year’s home sales estimates.

In May they forecast that 2007 home sales would rise 3.6% from 2006.  Now, they expect 523,100 homes will sell this year–an 8.1% increase!

As for prices, CREA predicts a jump of 10.4% nationwide in 2007, and 5.5% in 2008.  Price may very well set records in every province this year.

With these kind of numbers homeowners will undoubtedly need more of one thing:  buying power.  Expect demand for long amortizations to continue exploding.

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