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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. A6 I! n: G+ b9 Q" s; H& Q; y) ?% R
9 d4 ^) K0 Y0 f ?: z5 Q: y8 I5 _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. ) T6 P# V/ p, a9 m8 u" _
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Now CMHC has waded into the debate with its own forecast that despite the recent trend, home sale prices should edge up this year.
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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 $306,700.
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0 h( g& M; Q3 | Z% o"High employment levels, rising incomes and low mortgage rates have continued to provide a solid foundation for healthy housing markets this year," said Bob Dugan. ( c8 O3 ?" t" c$ W/ k
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However, 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.
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/ ]! V4 R2 c; Q3 p0 GThe 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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' N q6 I( {7 M) o p+ _CMHC says those sales are "still strong" by historical standards. |
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