CREA hikes forecast as Canadian home sales post biggest annual increase since 2016 [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
CREA hikes forecast as Canadian home sales post biggest annual increase since 2016 The Canadian Real Estate Association is upgrading its forecast for 219 home sales, which are now expected to show a slight improvement compared with last year. The association said home sales are projected to edge up 1.2 per cent from last year to 463, units in 219 compared with its previous forecast of a decline of 1.6 per cent this year. The updated outlook came as CREA reported home sales in May were up 6.7 per cent compared with a year ago, the largest year-over-year increase since 216. Story continues below advertisement On a month-over-month basis, sales in May through the Multiple Listing Service were up 1.9 per cent. “Defying the gloom-and-doomers, the Canadian housing market is gradually regaining strength, powered by falling long-term interest rates and the fastest population gains in a generation,” Bank of Montreal chief economist Doug Porter wrote in a report. The improvement in sales was dr
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