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SUSAN KRASHINSKY, Globe and Mail Update
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The housing market is continuing to rebound, according to numbers released Tuesday by the Canadian Real Estate Association.
Keeping with an upward trend in past months, home sales were up strongly in the second quarter of 2009, both compared to the previous quarter and also compared to the second quarter of 2008. That year-over-year increase in sales was 1.4 per cent.
The last year-over-year increase recorded by CREA was in the fourth quarter of 2007.
“Housing markets where negotiations recently favoured the buyer have become more balanced,” said CREA Chief Economist Gregory Klump in a press release. “The stage is being set for modest price appreciation as inventories are drawn down by sales.”
More to come