CREA raises outlook for home sales this year

CREA raises outlook for home sales this year

The Canadian Real Estate Association has raised its outlook for homes sales this year as it reported an 11.1 per cent jump in August sales compared with a year ago.

The industry organization said Monday that it now expects sales of 449,900 homes this year compared with a June forecast of 443,400.

The association said sales across the country have improved more quickly than expected, likely due “the transient influence” of buyers with pre-approved financing buying before their lower pre-approved rates expire.

“Contrary to the Greek chorus of woe, sales are now above their 10-year average in seasonally adjusted terms. And, the year-ago comparisons will remain quite easy for the next eight months, so settle in for a spell of potentially solid year-over-year figures even if sales do simmer down notably in coming months.”

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