CREA expects sales to struggle to maintain traction in 20016-17
MLS® sales in Alberta are expected to increase for the balance of the year due to better-than-expected activity during the second quarter and health levels heading into the third quarter, according to the Canadian Real Estate Association (CREA) in its revised 2016 forecast.
The national REALTOR® agency added, however, that the current economic climate suggests Alberta sales may struggle to maintain traction over the remainder of 2016 and into 2017.
Alberta sales activity is expected to finish the year down 8.8 per cent to 51,500 transactions – the largest decline in the country as the province’s economy struggles with a sluggish energy industry.
Nationally, sales activity is forecast to rise by six per cent to 535,900 units in 2016, which is little changed from CREA’s previously predicted sales increase of 6.1 per cent to 536,400 units this year. This represents a new record for annual sales.