The Canadian housing market is in a decline, but it has the potential to rise steadily, according to a recent study conducted by the Canadian Real Estate Association (CREA).
The CREA reports that housing activity started slowing last August after changes to mortgage lending rules and guidelines, but it added that sales are expected to improve later this year. The CREA states the improvement should come from low interest rates, which would support purchasing activity and last into 2014.
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"Mortgage rules are expected to remain as they are, so sales should be less volatile than they have been in recent years," said Gregory Klump, the CREA's chief economist.
The CREA foresees steady improvement in 2014, forecasting that national activity will surge 4.5 percent.
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