WATCH: Canada’s housing market is defying prediction of a bubble and showing new signs of strength. Mike Drolet reports on which cities are the hottest and whether the surging prices are here to stay.
OTTAWA – The Canadian Real Estate Association says home sales for May were up compared with April and a year ago.
The association says home sales though its Multiple Listing Service system were 5.9 per cent higher compared with April and 4.8 per cent higher compared with a year ago.
The national average price for a home sold in May was $416,584, up 7.1 per cent from the same month last year, pushed higher by gains in Toronto and Vancouver.
CREA also trimmed its outlook for the year compared with a forecast in March.
The association is predicting sales would total 463,400 homes for the year, up 1.2 per cent compared with 2013.
The updated outlook compared with the March forecast for 463,700.
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