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.

3 z" E0 q6 W3 A% wThe 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.

% g* o6 W  }/ I" BThe 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.

. M# S0 L; ^& C: }Now CMHC has waded into the debate with its own forecast that despite the recent trend, home sale prices should edge up this year.

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.

"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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However, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease."
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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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! `. a& R3 V4 D) oThe 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.

# P% k! i2 \& d9 [6 Q( [CMHC says those sales are "still strong" by historical standards.

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