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House prices are going to go up next year, albeit by a mere $200, according to Canada Mortgage and Housing Corp. % X0 x- A* U0 V% [/ U$ Y- H6 p
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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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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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8 @4 Q8 M# R- ?% jNow 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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4 ^+ Z7 j3 Q& ]/ F3 v+ e# C" {3 RIt 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 $306,700.. \0 J u7 G1 Y# e3 W' \
) L' `- O' d0 z"High employment levels, rising incomes and low mortgage rates have continued to provide a solid foundation for healthy housing markets this year," said Bob Dugan. * D8 A: ?% U* j$ h
( s6 `0 E6 c" c, \ e" z \/ lHowever, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease." 2 j1 Q5 z z) s) ~; W' Y; P
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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.
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6 H5 J, i- ~3 a, D- P; 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.
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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.' h0 s% K; K) ~( f- k' i
3 J. i& k/ I2 Z/ cCMHC says those sales are "still strong" by historical standards. |
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