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http://ca.news.finance.yahoo.com ... drop-next-year.html7 ~7 `) v5 W) S- @' R6 W1 B
' t; O$ @8 U9 x) U+ mHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM" T3 X% q( h" K% a! s
The Canadian Press ( B0 o9 w3 i. W8 |* V( o
Email StoryIM StoryPrintable View.By The Canadian Press: b9 O( H# [, [- T
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OTTAWA - 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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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.1 Z) ?- A% v* e, r
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The bank says with home construction stronger than expected, the added supply will soon begin affecting prices.
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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.9 [. @5 |) @' K) q/ C, {: H) E
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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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