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http://ca.news.finance.yahoo.com ... drop-next-year.html
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7 k' P& c/ Q E: T* RHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM7 f, T# J1 {+ f2 B: k! H
The Canadian Press ) m* A# M6 S5 y! b0 V
Email StoryIM StoryPrintable View.By The Canadian Press
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6 a" a! u) H# {5 e8 F+ |4 bOTTAWA - 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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The bank says with home construction stronger than expected, the added supply will soon begin affecting prices.
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L1 L( g1 i' M# F0 D7 Z) P- iThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says.
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# j5 e* l6 b! bTD 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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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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