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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: K; [& W- _; o" {2 W1 _. AThe 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.

& f: @- Y7 I+ U+ x$ _5 Y. ^$ iNow 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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1 a: R: @7 I9 `0 w4 K0 o  F) 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.

"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."

2 q  j9 R7 m! pIt says for the first time in seven years the number of new homes built across the country will dip below 200,000.

+ {) a# E7 D! D+ o. v. SThe 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.

* }2 f$ V, s& m6 U; V9 eThe 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.

. ]0 j# k8 P* t+ `CMHC says those sales are "still strong" by historical standards.

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