Canadian home prices up 8% in November, as sales rose 11% — CREA

The Canadian Real Estate Association says November home sales rose 11.3 per cent compared with a year ago. The association says 37,213 homes were sold through its MLS systems, up from 33,437 in November 2018.

READ MORE: Canadian home sales up almost 13% year-over-year in October: CREA

The increase in sales came as the national average price for a home sold in November was about $529,000, up 8.4 per cent compared with a year ago. Excluding Greater Toronto and Greater Vancouver, the average price was around $404,000, up 6.9 per cent compared with last year.

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In its updated outlook, the association says it expects home sales this year to total 486,800, while it says the national average price is on track to rise 2.3 per cent.

That compared with an earlier forecast for 482,000 home sales for 2019 and a 0.5 per cent increase in the national average price.

For 2020, CREA says it expects home sales to rise 8.9 per cent next year to 530,000. The national average price is forecast to rise 6.2 per cent to $531,000.