Vancouver, Toronto real estate markets continue to skew nationwide averages

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VANCOUVER (NEWS 1130) – The Vancouver and Toronto real estate markets are so hot, an industry group has upwardly revised its nationwide forecast for sales and prices.

The Canadian Real Estate Association cites low interest rates and what it calls BC and Ontario’s “supportive demographics” for stronger than expected sales. It says they account for about three out of five home sales in Canada.

Nationwide, home sales were up 0.3 per cent in August from July and four per cent from a year earlier. Vancouver-area home sales were up 21.7 per cent from the previous August.

The industry group says the average unadjusted price across Metro Vancouver last month rose 12.2 per cent from a year earlier to $900,592.

CREA also says the national home price increase falls by more than half, from 8.7 per cent to 4.2 per cent, if Vancouver and Toronto are excluded.

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