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House prices are going to go up next year, albeit by a mere $200, according to Canada Mortgage and Housing Corp.
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- S( s$ I2 J5 W; A5 b2 {8 z% YThe 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. 8 B& |- j7 ~# M7 G4 Q2 ]! R2 |
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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. % |" \" q( x: o t: z
S/ G- `+ h" \' m" r! E/ _Now CMHC has waded into the debate with its own forecast that despite the recent trend, home sale prices should edge up this year.* I( U& w2 k' [$ V$ X2 _) o
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It 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 $306,700.0 K9 @9 Z% _& g, L
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"High employment levels, rising incomes and low mortgage rates have continued to provide a solid foundation for healthy housing markets this year," said Bob Dugan. ' h" N# t+ k }0 M6 K3 c
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However, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease." 5 S$ x) X6 l; [: b: n
" ]3 P6 k' z5 u' J& Q9 HIt says for the first time in seven years the number of new homes built across the country will dip below 200,000. ' ^1 B2 d1 ]1 ~ {0 c* @4 Q7 W
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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.
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The 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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CMHC says those sales are "still strong" by historical standards. |
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