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Canadian Real Estate Association raises home sales forecast, August sales up

The Canadian Press

OTTAWA - The Canadian Real Estate Association says sales through its Multiple Listing Service in August were up 2.1 per cent compared with a year ago.

The gains came as August sales were up in just over half of all local markets, led by Vancouver and Calgary, the association says.

Compared with July, sales were up 1.8 per cent.

The national average price for homes sold in August was $398,618, up 5.3 per cent from a year ago. Excluding Vancouver and Toronto, the average price was $324,738, up 3.9 per cent from a year ago.

CREA also raised its sales forecast for 2014 to 475,000 homes from a June prediction of 463,400, due to stronger than expected sales in recent months.

The new forecast would mean sales would be up 3.8 per cent compared with 2013.