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Home sales for May were up compared with April and a year ago, according to the Canadian Real Estate Association.

The association says home sales though its Multiple Listing Service system were 5.9% higher compared with April and 4.8% higher compared with a year ago.

Read: Richest U.S. homes ever sold

The national average price for a home sold in May was $416,584, up 7.1% from the same month last year, pushed higher by gains in Toronto and Vancouver.

CREA also trimmed its outlook for the year compared with a forecast in March.

Read: Toronto home prices jump 10%

The association is predicting sales would total 463,400 homes for the year, up 1.2% compared with 2013.

The updated outlook compared with the March forecast for 463,700.

Read: U.S. property taxes surge

Originally published on Advisor.ca

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