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House prices are going to go up next year, albeit by a mere $200, according to Canada Mortgage and Housing Corp. 4 e4 O( h2 V4 j3 n$ J; c" ^ n
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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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2 i$ G& x4 d/ L8 C$ RThe 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.' `/ e7 X X; C4 V
2 P' u4 f. W6 x/ f2 GIt 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 $306,700./ I9 G/ M8 w y/ |8 H) ]% Z1 i% S% I
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"High employment levels, rising incomes and low mortgage rates have continued to provide a solid foundation for healthy housing markets this year," said Bob Dugan. 4 i9 i6 o" Y% K; r) h+ ]1 k
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However, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease." % W/ R( ]% a z% B
1 M' I: F' e$ z" Z# OIt says for the first time in seven years the number of new homes built across the country will dip below 200,000. 1 g) Q: T7 U2 I0 d9 V
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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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' a# N; _. M3 ~% x7 U- Q. y) q& EThe 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.- |! ]$ ~5 t7 J( B2 L3 ~# q
$ U$ h& H7 _8 \: w8 ACMHC says those sales are "still strong" by historical standards. |
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