Physical laboratory for the William M. Rice Institute, Houston, Texas. 1913-1914.

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The Canadian Real Estate Association (CREA) is still calling for 2016 to be a record-setting year for home sales, but it has revised its forecast slightly downward based on recent developments in BC and Ontario.

The quick slowdown in BC’s Lower Mainland in the wake of a new foreign-buyer tax and Ontario’s persistent strength are the main reasons CREA gives for revising its forecast.

“Taking these factors into consideration, sales forecasts have been revised upward for Ontario and downward for British Columbia,” the association says .

In terms of their impact on national sales totals, these divergent trends mostly cancel each other out, CREA notes.

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