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.

% H+ q8 V! ?; F2 DThe 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.

6 }5 ]' ~! o7 Z& r2 ~$ j* g5 }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.

+ B' T, A9 Y7 ?: R+ f* {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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. p0 e- P! q  R0 Y8 ?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 $306,700.
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"High employment levels, rising incomes and low mortgage rates have continued to provide a solid foundation for healthy housing markets this year," said Bob Dugan.
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) _  r3 d- c9 G' [1 aHowever, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease."
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It says for the first time in seven years the number of new homes built across the country will dip below 200,000.
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The agency is forecasting 212,188 starts for this year which will be a drop from the 228,343 homes built in 2007. By 2009, the forecast is for 177,975 new homes to be built.
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9 N4 D, o# U- f$ X6 C% o7 {1 S' DThe 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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( U2 E' H8 k5 [3 d* a1 v- |% e' [9 j$ UCMHC says those sales are "still strong" by historical standards.

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