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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 AM+ P5 ^* |- z: t0 r; r) r, h
The Canadian Press
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' X: D* V: @, L& [$ D* X- F$ sOTTAWA - The TD Bank says home sales will be significantly lower in the second half of this year and next — and prices are dropping too.
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: {: U. `) e9 RThe 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. R) Z8 \ C" Q
0 h# u, q- J1 C& e* B) vThe bank says with home construction stronger than expected, the added supply will soon begin affecting prices.. A) \) |% O: B+ j( `
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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.7 l2 A1 P' b' B0 J. j1 C* g/ N
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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., W) j% c- I# W
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The 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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