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June 20, 2009

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. That was up 0.4% from May 2008, when the previous record was set.

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.

“Sales activity is now closer to the pre-recession peak than it is to the recent low point reached last January,” said Dale Ripplinger, the Regina-based president of the association. “Strengthening consumer confidence, low interest rates, and improved affordability are drawing buyers to the housing market across Canada.”

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