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http://ca.news.finance.yahoo.com ... drop-next-year.html
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Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM- \/ N3 Z, Q! ?8 E$ F, S0 p1 k8 D
The Canadian Press & U/ X& ^0 C* P. B0 M+ C
Email StoryIM StoryPrintable View.By The Canadian Press- \) W" ]- t$ S/ E! ^
$ J! A3 x) y# E# IOTTAWA - 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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The first half of this year has been hotter than expected, and the second half will be cooler, the bank says.* Q6 Y' q; ]. O) z
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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.9 s8 d8 Z- a; c
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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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