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http://ca.news.finance.yahoo.com ... drop-next-year.html j k- X$ ~5 R- Z9 E& M
! n- H6 q Y6 S& e* `. V. \' gHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
* \( K- a; @& a, I' \4 X( ^' q, q' }The Canadian Press * r. @0 J# O% Q
Email StoryIM StoryPrintable View.By The Canadian Press% q4 ?9 m: J5 a) B! n* `' e
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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.
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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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- a7 `& m/ A% KThe 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.
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$ P) L" q* E* l e1 q& y: uThe 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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