This is what’s been digested from recent economic reports, real estate analysis and general observation:

• Our housing market has rebounded sharply; side-stepping the worst of our recession.
• After plummeting last fall, sales of existing homes have rebounded by a large margin.  Canadian housing sales have surged, leading to a rebound in resale home prices.
  
• After being largely out of sync since early this year, the market is now bursting with activity; being bolstered by better pricing and low financing costs.  You can look at it as having a much later than usual ’spring rush’.  This demand could slow as we enter November.
• While home listings are set to rise, home sales should be well enough supported to generate modest price gains in the near future.
• Recent Bank of Canada statements indicate that it is closely watching the housing market, expecting it’s recent strength to be ‘temporary’.
• If real estate activity does not cool, it may prompt the Bank of Canada to tighten it’s policy earlier and more aggressively than earlier anticipated.