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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. # u5 C0 S& X8 P% f/ Q0 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.
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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.( v/ v# m& C5 I1 ?7 y9 t
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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 $306,700.
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"High employment levels, rising incomes and low mortgage rates have continued to provide a solid foundation for healthy housing markets this year," said Bob Dugan. 4 Z8 c: Y1 V& F
3 {/ n- S; k+ sHowever, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease." - k" K/ @7 n2 \. C* V
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It says for the first time in seven years the number of new homes built across the country will dip below 200,000. " W' P& y& n" E9 `, ~% z" l
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The agency is forecasting 212,188 starts for this year which will be a drop from the 228,343 homes built in 2007. By 2009, the forecast is for 177,975 new homes to be built.
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The prognosis is not much better for the sales of existing homes. After setting an all-time sales record of 523,701 transactions in 2007, sales are expected to drop to 452,225 in 2008 and 433,375 in 2009.
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6 J9 b8 |$ P6 P6 T- F& [& OCMHC says those sales are "still strong" by historical standards. |
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