Real Estate in the Cowichan Valley & Nanaimo

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Resale housing forecast extended to 2011

Chief Economist Gregory Klump. “The decline and subsequent rebound in sales activity for homes in the upper price spectrum in some of Canada's priciest markets skewed average prices upward in the second half of 2009 and into 2010. This segment of housing activity in Ontario and British Columbia is expected to ease beginning in the second half of 2010, causing average prices to moderate in those provinces,”
 
CREA Residential Market Forecast:

Residential unit sales forecast

2009

2009 Annual percentage change

2010 Forecast

2010 Annual percentage change

2011 Forecast

2011 Annual percentage change

Canada

465,251

7.7

527,300

13.3

490,100

-7.1

British Columbia

85,028

23.4

101,900

19.8

88,800

-12.9

Alberta

57,786

2.5

63,050

9.1

64,000

1.5

Saskatchewan

10,856

6.5

10,900

0.4

11,050

1.4

Manitoba

13,086

-3.2

14,050

7.4

14,350

2.1

Ontario

195,840

8.2

223,700

14.2

200,300

-10.5

Quebec

79,290

3.3

87,950

10.9

85,450

-2.8

New Brunswick

7,003

-7.3

7,550

7.8

7,700

2.0

Nova Scotia

10,021

-7.8

11,400

13.8

11,500

0.9

Prince Edward Island

1,404

-0.6

1,450

3.3

1,450

0.0

Newfoundland

4,416

-5.9

4,900

11.0

5,050

3.1

 

Residential average price forecast

2009

2009 Annual percentage change

2010 Forecast

2010 Annual percentage change

2011 Forecast

2011 Annual percentage change

Canada

320,333

5.0

337,500

5.4

332,400

-1.5

British Columbia

465,725

2.4

485,500

4.2

476,600

-1.8

Alberta

341,201

-3.3

357,300

4.7

361,700

1.2

Saskatchewan

233,695

4.1

242,500

3.8

248,500

2.5

Manitoba

201,343

5.8

210,300

4.4

215,300

2.4

Ontario

318,366

5.3

332,700

4.5

326,000

-2.0

Quebec

225,412

4.7

240,500

6.7

249,100

3.6

New Brunswick

154,906

6.3

159,400

2.9

164,200

3.0

Nova Scotia

196,690

3.6

200,900

2.1

204,700

1.9

Prince Edward Island

146,044

4.4

149,900

2.6

153,200

2.2

Newfoundland

206,374

15.6

222,300

7.7

238,900

7.5

 

NOTE: All statistics contained in this release are obtained through analysis of the MLS® Systems of real estate Boards across Canada.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

 

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