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House prices are going to go up next year, albeit by a mere $200, according to Canada Mortgage and Housing Corp.
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The Crown corporation warned that some moderation can be expected in the once red-hot housing sector for the rest of this year and into 2009. ! h; L1 S" Q9 n' m. n
+ T. @. t% C4 i* A( l6 kThe forecast comes as house prices have been falling nationally, according to the Canadian Real Estate Association. Canada's largest housing markets have experienced prices declines from a year ago for four straight months, with each percentage drop bigger than the next.
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" @$ u, b+ i0 X7 \9 g0 INow CMHC has waded into the debate with its own forecast that despite the recent trend, home sale prices should edge up this year.0 R3 G; s2 e6 p8 ]+ g3 X* |2 [
2 e- c. L( [0 g! L4 o4 FIt 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 $306,700.5 O8 b8 Z0 P, N8 y
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"High employment levels, rising incomes and low mortgage rates have continued to provide a solid foundation for healthy housing markets this year," said Bob Dugan.
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. l& }/ b- Q6 a$ s# Q! h# E! BHowever, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease."
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6 b6 j6 X5 v) n8 r$ z S! v/ K# sIt says for the first time in seven years the number of new homes built across the country will dip below 200,000. ; d1 ~6 Y0 y9 j: B" h) f4 L
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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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8 u _ p1 s z) g0 v$ v5 q) R8 QThe 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.# g8 B6 E- d3 ^5 T4 S
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CMHC says those sales are "still strong" by historical standards. |
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