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Canada climbing back up - 16 October 2009

A blend of low interest rates and sensible pricing has generated a new sense of optimism in the Canadian property market and caused the Canadian Real Estate Association (CREA) to revise its forecast for the Canada property sector for the rest of 2009 and 2010.

The CREA said that the Alberta property market, in particular, has improved dramatically in recent months. Overall sales activity across Canada improved in August, with the average price of a residential property in Canada now up 11.3 per cent year-on-year.

The associations’ revised forecast projects that overall residential sales of property in Alberta will fall by just 2.5 per cent in 2009 to 55,000 units, a stark contrast to its last forecast in May which estimated that Alberta property sales would fall by a staggering 24.7 per cent this year. It also projects that sales would increase 10.5 per cent to 60,750 units next year.

CREA has also estimated that the average sale price of a home in the province will fall by 4.4 per cent to $337,300 (£196,700) this year, compared with a previous estimate of an 8.8 per cent decline in 2009. This is expected to be followed by a 1.1 per cent decrease in 2010 to $318,300 (£185,500).

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