There has been much speculation on Canada's housing market and wether it is a boom, backlog or bubble.

The Canadian Housing market pulled itself back to a strong recovery in late 2009 and it continues now into early 2010.

What is causing concern is the rise in both price and home sales when other areas of the Canadian economy like job creation and trade remain sluggish.

According to the Canadian Real Estate Association housing prices are on pace to climb another 5.4 per cent to a new record in 2010.

With the average price set to reach $337,500 by year end, affordability could be a problem with homes soon to be out of reach for purchasers.