According to the Canadian Real Esate Association the housing market has continued to rebound in May with a fourth consecutive increase in monthly sales. CREA believes the market is now returning to what is called "pre-recession levels" of activity.
Strengthening consumer confidence, low interest rates and improved affordability are drawing buyers to the housing market. Fewer new listings and rising sales activity suggests that the selection of product available for sale may shrink as the year progresses.
In B.C. it is now predicted that the average price of a home is going to decline only 8% rather than the previously forecasted 13%.