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House prices are going to go up next year, albeit by a mere $200, according to Canada Mortgage and Housing Corp.
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The Crown corporation warned that some moderation can be expected in the once red-hot housing sector for the rest of this year and into 2009. + w& s( y" w0 F- `# H* s
1 o; r+ F1 x JThe forecast comes as house prices have been falling nationally, according to the Canadian Real Estate Association. Canada's largest housing markets have experienced prices declines from a year ago for four straight months, with each percentage drop bigger than the next.
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' {( g i# N1 Y$ y4 Q8 M. bNow CMHC has waded into the debate with its own forecast that despite the recent trend, home sale prices should edge up this year.. z$ `$ w9 m3 r- Y1 ~
$ e. ~, s! \7 a8 YIt 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 $306,700.
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/ a1 W# ] z9 V( o1 p$ | y0 z {"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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( ? S# x3 F; P5 sHowever, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease."
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It says for the first time in seven years the number of new homes built across the country will dip below 200,000. 2 k Q) P3 Q% @( N- h7 S' a
* Z8 E* O9 H2 `% ~' ]1 K% LThe 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. ; G5 Q8 j. X1 m6 z9 g% P9 Z( p
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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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