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http://ca.news.finance.yahoo.com ... drop-next-year.html
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$ q) D/ B0 d" l/ z2 }* U! x: FHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM- B5 _0 E6 S8 |% M7 w5 Q
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.+ V! m3 b# n- ^9 [4 ]& ]$ 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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# Y- U+ X; n( s- r' r3 j# [$ pThe bank says with home construction stronger than expected, the added supply will soon begin affecting prices.; q1 h' z( b, h& ^7 V
$ c2 h) V: r! ~+ gThe 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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9 m8 o: K" Q( X6 D2 ]! @, A+ o6 EThe 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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