[Burninator]

House prices expected to fall for at least a year

The average price of a home sold in Canada will fall this year for the first time in a decade and might not even recover by 2010, the Canadian Real Estate Association said Monday.

The Ottawa-based group, which represents 100 boards across the country, updated its forecast in light of new economic conditions and now expects home prices to drop 0.6 per cent this year and 2.1 per cent next year. Three months ago the group was forecasting price increases for this year and next year.

http://www.canada.com/calgaryherald/...d-4bcd98ce61a7