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House prices are going to go up next year, albeit by a mere $200, according to Canada Mortgage and Housing Corp.
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+ O Y, `5 K+ S$ Z. F# @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. ' ?* z, |/ s4 p
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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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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 $306,700./ m3 o: k+ l: N. w
: x: H! U, Z% n9 t$ d3 d9 N5 N5 _. v& _7 g"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." ! ]& B; B5 E: `" H
. f# R* n; q& H1 r$ L" fIt says for the first time in seven years the number of new homes built across the country will dip below 200,000. & m8 {0 x& v. D: q4 f. m
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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. 6 C5 J% W( i8 |
9 n8 G/ T3 }1 |0 P+ P: T) U! QThe 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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) u6 m0 x$ x1 V- f" JCMHC says those sales are "still strong" by historical standards. |
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