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http://ca.news.finance.yahoo.com ... drop-next-year.html
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) c9 G! P7 o0 O. ^Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
8 r: j/ J/ U+ L+ C+ q7 l! {. f* eThe Canadian Press
5 _# q" y9 c: ~9 aEmail StoryIM StoryPrintable View.By The Canadian Press
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9 k) Z, M+ f" W, {/ jOTTAWA - The TD Bank says home sales will be significantly lower in the second half of this year and next — and prices are dropping too.: Q2 z+ c& ~8 q$ R" J
3 ^2 ?8 Z7 j& W& l5 H: {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.* O% p7 W; D# F3 v1 l4 |
1 P7 f" q4 U$ {4 g O( E$ D. ~The bank says with home construction stronger than expected, the added supply will soon begin affecting prices.& f2 y( `8 Y3 [8 ` Z5 i
& X! N: k! K ~; x8 b# c( G+ JThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says.6 k* `; l6 y" \6 ?" L( E4 @" y' R
1 s" s! w" M1 T% o* m% Y' iTD 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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# ^7 K, X0 J5 E; ?, x0 {" r5 RThe 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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