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http://ca.news.finance.yahoo.com ... drop-next-year.html# w4 L! H( G0 S8 h5 m& {5 E
2 O, X8 D* @# a2 ` n0 hHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM% K0 c/ x& @) R
The Canadian Press
' R4 I1 h$ D Q6 KEmail StoryIM StoryPrintable View.By The Canadian Press4 Y+ X+ \& o1 x' r. f7 e0 k5 M
# i8 r4 ?% y& B8 r- q. fOTTAWA - The TD Bank says home sales will be significantly lower in the second half of this year and next — and prices are dropping too.0 t2 e1 s9 Q3 n: c
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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.
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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./ e8 P. k, Z% z+ _
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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.
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r( f% X2 ?. l2 p! o! ~/ I, fThe 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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