sales are "still strong"

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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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& Y: U/ F5 [& f& UThe 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.
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- c6 A, m4 ^! T, }; |+ S8 y( ]4 M1 uIt 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.

8 `  U! j/ h9 Q! a/ P! M: P; _/ t6 MHowever, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease."
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1 ]9 N3 Q- S/ p) jIt 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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( j7 W3 ?0 P' V: b6 q4 n9 `2 D1 fThe 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.

( Z1 [( i/ T+ i' \9 ~  iThe 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.

9 h. h1 |. W2 |3 q3 uCMHC says those sales are "still strong" by historical standards.

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