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House prices are going to go up next year, albeit by a mere $200, according to Canada Mortgage and Housing Corp. / ]* ]2 K3 X1 g0 i4 g) Z
) N, w8 n7 ]4 B3 l8 n0 ^The Crown corporation warned that some moderation can be expected in the once red-hot housing sector for the rest of this year and into 2009. / H1 N2 f4 U$ r
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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. - Z5 a' p! d/ @' p$ P" T5 E
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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.3 G, Z& \; x5 X
! _7 r2 Y# ]/ m; g5 tIt 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./ G. E# S2 P, h* ^! v9 N x
' f8 W5 h* S: w! h: v* x"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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/ i- {& H3 ~5 {9 @1 X0 C5 jHowever, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease."
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; l) W3 |' J3 |5 {8 O* _" RIt 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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, v; X" Y( Z4 _/ L4 m4 D* ?4 iThe 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.: m1 y/ R U0 |2 K0 N9 d1 {
1 |* \$ K3 q& |6 t {CMHC says those sales are "still strong" by historical standards. |
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