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http://ca.news.finance.yahoo.com ... drop-next-year.html$ G3 W: B. s& E: `9 N* L
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Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM9 G( b5 B5 {+ o& X$ k1 f1 C. d( Y
The Canadian Press
% }- f1 f- I% f5 |Email StoryIM StoryPrintable View.By The Canadian Press- h- C) J& J" s
$ ^3 I- m( ?* e; ? m" d" UOTTAWA - The TD Bank says home sales will be significantly lower in the second half of this year and next — and prices are dropping too.2 `- i! x' o: v3 Q* s
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The 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., E. s, G N" ]- b, r4 G
/ d, i% E7 p! n# G: U: kThe bank says with home construction stronger than expected, the added supply will soon begin affecting prices.: H+ q+ v( [0 X0 C
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The first half of this year has been hotter than expected, and the second half will be cooler, the bank says.9 n# T" ~! z }+ Y
# ] D* [( r0 o B$ UTD 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.
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( C/ R- N: W5 d6 l5 J+ wThe 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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