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http://ca.news.finance.yahoo.com ... drop-next-year.html
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Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM2 Y) v0 A3 Q. g3 t& l) R3 X, Y
The Canadian Press 1 ]* j# |& \1 P5 w* l2 o9 e, i! Q) W- \
Email StoryIM StoryPrintable View.By The Canadian Press3 b) l. H% l7 q7 q
4 y" e6 G' E' \$ d5 C+ ]: {1 S. ~( COTTAWA - The TD Bank says home sales will be significantly lower in the second half of this year and next — and prices are dropping too.% T5 J$ j; V* q. X" A
$ h8 T8 M$ I e' _" XThe new outlook is in accord with previous expectations, with the exception that TD now believes the slowdown from the current hot housing market to be sharper.; s: G1 H* j* |3 N
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The bank says with home construction stronger than expected, the added supply will soon begin affecting prices.
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: `' y" J X3 n- L: z8 [The first half of this year has been hotter than expected, and the second half will be cooler, the bank says.
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TD says it had expected existing home prices next year to gain a modest 1.6 per cent, but now believes they will actually fall about 2.7 per cent on average.4 y* y( H! Q/ ?
u# X$ ?' m/ D7 lThe bank says prices will drop next year in seven of Canada's 10 provinces, with the three prairie provinces breaking the trend. |
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