(Source: The Globe and Mail)

Canada’s real estate market is clearly on the path to recovery, economists say, citing recent data as evidence that the worst of the slump may be over.

“You’re seeing people beginning to kick those tires again in the housing market,” said BMO Nesbitt Burns senior economist Michael Gregory.

Many local real estate boards are, for the fourth month in a row, reporting strong sales in May, compared with the previous month.

Observers are watching for a national report on May sales expected today from the Canadian Real Estate Association.

National sales have been rising month over month since February, and in April, for example, sales on a monthly basis jumped 11.2 per cent, seasonally adjusted.

The national market has yet to eke out a year-over-year gain. But economists expect that to change within the next couple of months.

Read Susan Krashinsky’s full article “Real estate recovering, economists say” in the Globe and Mail (June 14, 2009).

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