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House prices are going to go up next year, albeit by a mere $200, according to Canada Mortgage and Housing Corp. 5 C5 @1 ]: Z) f
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The Crown corporation warned that some moderation can be expected in the once red-hot housing sector for the rest of this year and into 2009.
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The forecast comes as house prices have been falling nationally, according to the Canadian Real Estate Association. Canada's largest housing markets have experienced prices declines from a year ago for four straight months, with each percentage drop bigger than the next. 2 ]- {9 K1 f& K& Q3 l
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Now CMHC has waded into the debate with its own forecast that despite the recent trend, home sale prices should edge up this year.
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; D3 }* `0 I1 R$ f/ oIt 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 $306,700.5 d1 t) ?! {6 [) l9 }, S; O
; b5 y* E+ b- ^"High employment levels, rising incomes and low mortgage rates have continued to provide a solid foundation for healthy housing markets this year," said Bob Dugan. 3 h8 M2 f; C/ |% `) ?
5 E% ~. K4 m2 A; FHowever, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease." 1 o# S) _* j, d$ X; k" |
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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. 5 i$ K8 x0 K* ^/ M0 g0 g2 E
2 b6 ~/ T$ S% sThe 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. 7 a/ ]2 {# Q- D( S5 g
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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.. K& V* K* P8 X
6 q `3 M9 r) Z+ MCMHC says those sales are "still strong" by historical standards. |
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