Some 440,000 homes are expected to change hands in Canada this year, according to a new housing forecast by ReMax. The realtor says that total would represent a decrease of 15 per cent from record levels reached in 2007. ReMax says Canadian housing values are expected to hover at $300,000 for the year, a three per cent drop from last year’s historic peak.

By the end of 2009, says ReMax, sales should match 2008 levels while average prices are forecast to fall another two per cent to $293,000.

ReMax executive Michael Polzler says predictions for 2009 are difficult given the volatility in financial markets and the threat of recession. He says the situation is not expected to be remedied until consumer confidence is restored.

In 2009, major markets are expected to be evenly split in terms of housing performance, with 11 centres forecast to match or exceed 2008 home sales and 11 expected to slide from 2008 levels.

The highest percentage increase in unit sales is anticipated in Saskatoon, where the number of homes sold is forecast to climb three per cent in 2009.

Housing values are expected to hold the line in 2009, with St. John’s, Montreal, Kingston, London, Winnipeg, Saskatoon, and Regina posting modest gains in average price in 2009.

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