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http://ca.news.finance.yahoo.com ... drop-next-year.html [9 N) P) S+ @- r
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Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM# T, m$ ~7 `% G! f4 Y- m
The Canadian Press
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' C# x1 ?6 i7 m- x3 iOTTAWA - The TD Bank says home sales will be significantly lower in the second half of this year and next — and prices are dropping too.: X( l9 t, S; Q- @3 b( r7 l% F
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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.
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The bank says with home construction stronger than expected, the added supply will soon begin affecting prices.0 D8 q1 S6 F4 c! }
$ b% ]7 s* j6 T4 d/ w/ w2 DThe 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.0 X8 {. X) z6 R# f G/ }
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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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