CREA Updates Resale Housing Forecast

OTTAWA— The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service (MLS) Systems of Canadian real estate Boards and Associations in 2013 and 2014.
Stronger than expected activity through summer and early autumn was widely thought to reflect the transient influence of buyers with pre-approved mortgage financing making purchases before their lower pre-approved rates expired. A drop-off in sales during the fourth quarter to date further suggests this was indeed the case. See PDF for the complete report.