(Source: Globe and Mail)

Canadian homeowners will likely have to wait until next year to see a solid rebound in real estate prices, the heads of two of Canada’s largest real estate firms said yesterday.

The brief spring rally in the Canadian housing market – although encouraging – cannot be regarded as the beginning of a full-fledged recovery just yet, and sales activity is expected to cool again this summer, Don Lawby, president of Century 21 Canada Ltd., and Phil Soper, chief executive officer of Royal LePage Real Estate Services Ltd., said in interviews.

“The spring market is usually the biggest and the best of the year for the housing industry… and there probably will be a lull during the summer,” Mr. Lawby said.

Read Virginia Galt’s full article “Spring rally won’t last, realtors say” in the Globe and Mail (May 6, 2009).

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