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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 AM3 \4 o9 T& K4 c) k4 O: R% m4 e" s
The Canadian Press
, M& |, r% `% m" VEmail StoryIM StoryPrintable View.By The Canadian Press
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+ K" p5 H+ J: v4 x1 ]; YOTTAWA - 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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! Q- z/ t2 i! `& ?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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0 `5 s* S s6 Y: N- T, IThe bank says with home construction stronger than expected, the added supply will soon begin affecting prices.
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, U# S; f- F6 `The first half of this year has been hotter than expected, and the second half will be cooler, the bank says.( z, r( U/ P: Y: \& k- S3 ]; S
* b0 U6 P3 j$ sTD 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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