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http://ca.news.finance.yahoo.com ... drop-next-year.html( {& |6 `% r8 U4 X
4 _+ G @ a4 P2 A# C& t4 k" yHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM9 w% |& E0 p( Y
The Canadian Press
, c; t s4 ^. _9 S5 g; l5 a. HEmail 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.
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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.3 w4 [- i; J( B/ U' U* J8 y+ \7 k
0 s/ ]0 J. e1 u# R" dThe bank says with home construction stronger than expected, the added supply will soon begin affecting prices./ R, u* G7 M; k" A c
; a& y$ F d1 {( i8 P8 z" o$ IThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says.. K4 |; g' |. A6 |8 K! K0 K
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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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/ c( h' |' W q3 i/ \( r; i( QThe 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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