Resale housing forecast revised

Rising prices in B.C. scare off home buyers.

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The Canadian Real Estate Association has lowered its forecast for number of home sales in Canada this year.

The CREA originally predicted that 527,300 units would be sold. Today, they reduced the prediction by 40,000, saying that 490,600 homes in Canada will be sold.

More than half of the reduction is due to the decline in affordability in British Columbia. Changes to mortgage regulations have also played a part in the revised prediction.

Despite being reduced, the forecast is still 5.5% higher than the total number of sales in 2009.

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