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.

1 w  U1 G3 T+ `) P8 |8 @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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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.

  [. h5 O( M, o2 B* D& n! E0 z+ E3 K) YIt 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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6 ?; j" ^, g, ?. r+ T# b  u, I"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 H. X1 c1 Q" W6 d% {; f) IIt says for the first time in seven years the number of new homes built across the country will dip below 200,000.

& Y0 H# N' {4 n+ nThe 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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2 E0 R% i+ S$ e. H( ~" oCMHC says those sales are "still strong" by historical standards.

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