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.

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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2 H. {" k! Q1 Y# YThe 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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9 ^/ u+ r0 _# i, nNow 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.
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: ]) d! K2 q4 s9 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.

0 j7 Y1 E7 ~3 k) c- w) \) RHowever, CMHC is clearly predicting a pullback and titled its latest report, "Housing market starting to ease."
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: `7 Y+ Z  B9 I9 ^+ I' CIt says for the first time in seven years the number of new homes built across the country will dip below 200,000.

: F  D  k8 v4 y- F; ~' dThe 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.
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3 \% i% `, I2 m& t9 K9 ~. e* y& PCMHC says those sales are "still strong" by historical standards.

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