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http://ca.news.finance.yahoo.com ... drop-next-year.html& G8 ^ w7 j; m" {( o; M2 _
$ ]5 \' E+ w! N$ j1 [Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM, E( b1 x; w( }! h
The Canadian Press % o/ R; I# J! }( X" K( ~9 _4 @
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.
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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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. x; {% G7 y' @! NThe bank says with home construction stronger than expected, the added supply will soon begin affecting prices.6 d# k/ D# a4 ~2 ]( s8 y" o
9 y. o! _5 B UThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says.
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0 a7 M+ X. L; X5 ETD 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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8 l& b0 H$ K4 f8 _+ ^' TThe 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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