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http://ca.news.finance.yahoo.com ... drop-next-year.html& J3 J. ?3 e. Z; g1 l! f
3 E9 b4 `0 y$ X1 Q& w1 N5 SHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM% L5 q% S9 n1 Q# Y6 @
The Canadian Press
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' J# S) ~6 l! Q4 H+ ^% M* UOTTAWA - 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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& v8 A2 _3 u, Q6 t' M {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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* u' `7 N7 C/ t& f4 sThe 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.& ^4 l2 s7 a' f& S3 s
% H6 r: F, M# g7 aTD 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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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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