CREB Forecast for 2011 Housing Market

UPDATE (August 2011) CREB has revised this forecast, click here
UPDATE: To read my thoughts on the forecast below, click here
UPDATE:  You can download CREB’s 2011 Forecast here (PDF)

CREB’s forecast for 2011: Single family home sales up 20%, condos sales up 16%.   Average prices up 4% and 2% respectively.

The only downward trend for 2011 will be amount of listings according to CREB (click to enlarge)

Below are some previous sales forecasts made by CREB and the actual figures.  I couldn’t find any forecasts for 2005-2007, but if you happen to find one let me know and I’ll update the chart.

How accurate are sales forecasts? (click to enlarge)

CREB’s average price forecast has been more accurate. CREB’s predictions have been within 2% over the past two years. 2010 2009