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http://ca.news.finance.yahoo.com ... drop-next-year.html
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Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
. k* P8 i! K% f4 P8 dThe Canadian Press * t9 W1 v* A# w: B& n, X. H7 S& _
Email StoryIM StoryPrintable View.By The Canadian Press
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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." m/ ~5 l& z `# W/ {- [3 ~3 m
) i* s7 |" E4 m$ v' B" O% {+ T' vThe 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.
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( [* O$ c0 U4 K7 }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.0 d' t% h0 x2 L" s4 L* \
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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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