The U.S. housing recovery has encouraged many investors in recent months, but Gluskin Sheff & Associates Chief Economist David Rosenberg isn’t sure the rebound has legs. Rosenberg tells CNBC that, while “we’ve certainly had a housing recovery,” the recovery has been in large part a result of housing starts — which plummeted during the Great Recession — catching up to underlying demographic demand. To keep improving, Rosenberg says more first-time buyers need to be involved. Right now, they make up only about 30% of buyers; if that number crosses 40%, Rosenberg says he’d be a believer in the recovery continuing. Rosenberg also says he thinks the stock market is “fully valued”, though he sees opportunities in non-cyclical dividend stocks.