(Source: Financial Post)

The housing market continued to rebound in May with a fourth consecutive increase in monthly sales, according to the Canadian Real Estate Association.

The Ottawa-based group, which represents about 100 boards across the country, also said the average sale price of a home sold through the multiple listing service reached a new record of $319,757.

Although prices did reach a record high last month, they are still up only 0.4% from a year ago. CREA says the market is now returning to what it called “pre-recession levels” of activity. Nationally, prices are now up 16.4% from the January low.

Read Garry Marr’s full article “Canada’s housing market continues to rebound: CREA” in the Financial Post (June 15, 2009).

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