Click here to join our mailing list to receive the latest news and updates as they happen. Unsubscribe any time.

Home Demand to the Moon

soaring 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.

More from the Vancouver Sun