CREA reports 11.1 percent increase in home sales

The Canadian Real Estate Association raised its outlook for homes sales this year as it reported a 11.1 percent jump in August sales compared with 2012.  The industry organization said it now expects sales of 449,900 homes this year compared with a June forecast of 443,400. CREA had reported 454,573 sales for 2012.


Recent increases to fixed mortgage rates caused sales to be pulled forward as buyers with pre-approved financing at lower rates jumped into the market sooner than they might have otherwise" CREA chief economist Gregory Klump said in a statement

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