Housing market to remain steady

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According to Canada Mortgage and Housing  Corp, Canada’s housing market will remain steady this year and through  2013 with home prices expected to rise moderately. “With the Canadian economy set to expand at a moderate pace and mortgage  rates expected to remain low, activity levels in 2012 in both new home  construction and sales of existing homes will stay close to levels seen in  2011,” said CMHC deputy chief economist Mathieu Laberge. Housing starts will total 190,000 units in 2012 and 193,800 units next year,  according to the government agency.

Sales will amount to about 457,300 units this year 468,200 units in 2013, it  said. CMHC sees the average home price reaching $368,900 in 2012 and $379,000 the  next year. “The moderate increases in the average . . . price are consistent with the  balanced market conditions that occurred in 2011, and that are expected to  continue in 2012 and 2013,” CMHC said.

Via Vancouver Sun.

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