Resale market activity has rebounded from the slump this winter, according to Will Dunning.  While sales are below the 2007record, recent activity is comparable to figures seen during 2004 to 2006 when sales averaged about 85,000 per year, Dunning points out:

"The increased resale supply is negatively affecting the new low-rise market and the outlook for house price"

New home sales improved somewhat in June. The recovery in June was centered in high rises - 2,092 actual sales equate to 21,300 seasonally adjusted. The year-to-date sales rate remains very robust at 17,200, his  Housing Market Digest report concludes.