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http://ca.news.finance.yahoo.com ... drop-next-year.html
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r+ U5 w2 i7 e$ [) f' d& CHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
# i3 B U3 A7 T7 pThe Canadian Press 9 p7 A5 U/ ^& \% B
Email 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.( }, l# [6 @5 O3 J5 A* e; m x
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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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The first half of this year has been hotter than expected, and the second half will be cooler, the bank says.. [, I7 D, f( B6 t" f: ^( K1 N
" D f6 l* l, pTD 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.3 K% g6 n5 v7 F: r
$ [, c4 j) R9 J4 `( k0 Q& y) w) k0 rThe 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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