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http://ca.news.finance.yahoo.com ... drop-next-year.html/ x1 x. x8 }' F/ p! d6 Z
& T1 i* [1 I( {( sHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM+ m, q3 s% _1 D7 q5 q5 f0 ?
The Canadian Press " Q c# j3 s7 u; @/ w
Email StoryIM StoryPrintable View.By The Canadian Press- Z* k/ T1 J& G3 U
0 H2 ]+ q W" X; W2 J @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.5 o3 O7 C5 D5 e# w D# m" `- s" j
: _( u% l" ?; U4 o( {7 Q/ uThe 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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( |2 D% N3 G0 n* w1 jThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says.8 b7 y# } v1 c( W( W
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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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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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