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House prices are going to go up next year, albeit by a mere $200, according to Canada Mortgage and Housing Corp.
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The Crown corporation warned that some moderation can be expected in the once red-hot housing sector for the rest of this year and into 2009.
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4 F$ {. b. a4 P, I2 wThe 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. - U5 s; C0 B" U' A$ G
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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." }- e( h! j6 [/ M, 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 $306,700.
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: d. T {% P9 T2 y5 m" ]* n"High employment levels, rising incomes and low mortgage rates have continued to provide a solid foundation for healthy housing markets this year," said Bob Dugan.
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) ?3 _- ~: c9 ?1 PHowever, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease." / J! `6 e: Y5 G2 C' ^
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It says for the first time in seven years the number of new homes built across the country will dip below 200,000. 5 {! }. b' @% e1 u; n$ c# H, {
8 W1 R. m$ h! r+ F2 ^) EThe 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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& R/ @8 }' k' QCMHC says those sales are "still strong" by historical standards. |
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