Thursday, May 01, 2008

CMHC reports that House price gains will remain strong in 2008

House price gains will remain strong in 2008

The average MLS® house price is expected to grow by 10.6 per cent for 2007, to about $306,000 as strong sales in Western Canada continue to
put pressure on prices. In 2008, existing home markets will become more balanced and price pressures will begin to ease.

The average MLS® price will increase by 5.2 per cent to about $322,000 in 2008.

Looking ahead to 2009, the average MLS® price is forecast to increase by 3.8 per cent to approximately $335,000.

It is expected that inflationary pressures will remain stable within the Canadian economy. Inflation was up 2.4 per cent in 2007. For 2008
inflation is forecast to be 2.3 per cent.

Canada's core inflation rate for 2007 increased just 1.7 per cent. Mortgage Rates Mortgage rates increased by about 100 basis points between the start and

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