CMHC says Resale Home sales to stay strong

OCT 30/08

According to the Canadian Mortgage and Housing Corporation (CMHC), resale home sales will continue to be strong into 2009.

"...Existing home sales, as measured by the Multiple Listing Service
(MLS(R))(1), which reached a record level of 523,701 sales in 2007, will
moderate in 2008 to 452,225 units. In 2009, MLS(R) sales will move to 433,375
units. Despite a moderation in MLS(R) sales, demand for existing homes will
remain strong by historical standards. With housing markets having become
balanced across Canada, the rate of growth in the average MLS(R) price will
moderate. Average prices will reach $306,500 in 2008 and $306,700 in 2009."

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.