Canadian real estate industry says 2013 sales off to better start than expected

OTTAWA – The Canadian Real Estate Association says the number of homes sold so far this year is slightly higher than projected and it looks as if 2014 will show a rebound.

The association still expects fewer sales this year than in 2012 but says the decline will be smaller than predicted in March.

CREA is now estimating 443,400 units will be sold in 2013, a decline of 2.5 per cent from 454,573 in 2012.

It had previously projected a decline of 2.9 per cent from 2012.

CREA says the sales activity began to pick up at the end of the first quarter and accelerated in the second quarter.

The association also says 2014 will see a strong rebound, with 464,300 units of housing sold — about 9,700 more than last year.