It came later than expected But the spring market finally arrived in the city of Vancouver. The month of May was the busiest month this year, at least in terms of sales volumes. However, while sales volumes increased month over month this was still one of the slowest months of May we have ever seen. Sales declined 8.4% yearover-year to their lowest total since May 2000. This allowed inventory to continue building, up 10% from last year, and kept downwards pressure on prices across all segments. Developers are reporting continued weakness at pre-sales centres across Greater Vancouver, this is making it more difficult to obtain construction financing and thus more projects continue to be cancelled. As a result, developers have slowed new land purchases, land transactions fell nearly 50% year-over-year in the first quarter. This will have knockon effects on the BC economy as new housing starts slow and future projects in the construction pipeline begin are reduced. We believe the pre-sale market is a leading indicator of the real estate and construction sector which makes up nearly 25% of GDP in the province.