Article from BNN
Canada’s hot housing market is set to cool, with prices and sales expected to fall, according to the federally-backed Canada Mortgage and Housing Corporation.
The agency now expects the average home price to be $368,000 in 2012 -- down from its previous forecast of $372,700. It’s also lowering its average home price forecast for 2013 to $377,300 from $383,600.
The number of existing home sales are also expected to fall, the agency said in its quarterly outlook. It now expects existing home sales to come in at 466,600 units in 2012 and 469,600 units in 2013 -- down from its previous call for 472,300 units and 474,900, respectively.
But the number of new homes hitting the market will maintain strong, with CMHC now expecting the…