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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. w3 v, K9 h6 W# c
The Canadian Press 3 P1 B7 P+ f7 \( L+ _; s& m
Email StoryIM StoryPrintable View.By The Canadian Press# {4 @+ G) y0 y- \
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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.' e' T4 E( q- S) b+ p' H% }
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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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+ g+ m5 v: O$ D; m# _The bank says with home construction stronger than expected, the added supply will soon begin affecting prices.8 e* V! L! r# F, n# N& h
9 v4 d' G& M8 I& YThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says.
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. V: J7 r, c" H NTD 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.) p$ b; b+ J+ q4 u' I
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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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