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http://ca.news.finance.yahoo.com ... drop-next-year.html' |; ^3 ]$ w) A" H& s
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Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM9 v0 o5 Y3 V; m# G3 E
The Canadian Press
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+ m2 p& o: f9 O# {2 ~ tOTTAWA - The TD Bank says home sales will be significantly lower in the second half of this year and next — and prices are dropping too./ q) m+ h% K' V, h; ~2 W! [* v& Q
/ _* q" x- d* m1 h+ lThe 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.
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" T; g; i0 Q! o5 W! ? XThe bank says with home construction stronger than expected, the added supply will soon begin affecting prices.. k$ R& ]. D0 e" F* y! o
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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.
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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.. b& h$ Y) W3 I2 m1 b; E6 \
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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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