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House prices are going to go up next year, albeit by a mere $200, according to Canada Mortgage and Housing Corp.
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8 M W$ h# V* v' K& T9 pThe 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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0 c2 ]- t. S+ p& hThe 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.. y0 X& T( `0 ]: L V
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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 $306,700.- ?* e$ `# r b) o1 c
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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. 8 \3 Y% L8 S3 e/ k4 { i" I2 J1 B
6 t3 M( i: d( G4 w$ T2 RHowever, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease."
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" k$ `( _7 G8 V* I O( TIt 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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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. ' |3 u/ |3 ?/ Y9 O ^! K% H
; o1 E& W8 T4 g1 I. s$ v8 tThe 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.; m; ^0 z8 E2 y* } ]/ m: U
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CMHC says those sales are "still strong" by historical standards. |
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