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House prices are going to go up next year, albeit by a mere $200, according to Canada Mortgage and Housing Corp.
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The Crown corporation warned that some moderation can be expected in the once red-hot housing sector for the rest of this year and into 2009. 5 ~/ P2 I. x( A; P! w
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The forecast comes as house prices have been falling nationally, according to the Canadian Real Estate Association. Canada's largest housing markets have experienced prices declines from a year ago for four straight months, with each percentage drop bigger than the next. / |: A/ h4 Z$ q. j
( H# y! m( c3 D/ o* s/ a' _ g( DNow CMHC has waded into the debate with its own forecast that despite the recent trend, home sale prices should edge up this year.4 N; @2 T, U. s5 }: O$ H
) v4 m+ ^5 A( f, V2 A' R0 tIt expects the average price of a home sold to rise to $306,500 from $305,707. By next year the average sale price is forecast to rise to $306,700.
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* V( G! n5 H, Y E( o& H' v2 e \"High employment levels, rising incomes and low mortgage rates have continued to provide a solid foundation for healthy housing markets this year," said Bob Dugan.
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However, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease." 1 {; A4 Y W+ Y% O1 }
% T. V' q& L! `0 M( k ?It says for the first time in seven years the number of new homes built across the country will dip below 200,000. 4 W# O3 w* }$ z$ \. i9 Y
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The agency is forecasting 212,188 starts for this year which will be a drop from the 228,343 homes built in 2007. By 2009, the forecast is for 177,975 new homes to be built. 6 t2 H V( j2 t7 N P
% p7 P4 b; M' x" ]+ V6 Y2 K3 SThe prognosis is not much better for the sales of existing homes. After setting an all-time sales record of 523,701 transactions in 2007, sales are expected to drop to 452,225 in 2008 and 433,375 in 2009.
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/ b5 r: Q9 ?& x# |+ sCMHC says those sales are "still strong" by historical standards. |
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