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http://ca.news.finance.yahoo.com ... drop-next-year.html, u8 ?8 o2 J# k: s( L2 j
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Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
$ Z4 D0 o* q; @/ ]' oThe Canadian Press
+ V, I. [; u. p6 K7 U3 EEmail StoryIM StoryPrintable View.By The Canadian Press0 U% j% M/ R% q
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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.2 E* s3 A5 D9 ^
: A7 t9 {; T: a6 y1 f, ^( LThe bank says with home construction stronger than expected, the added supply will soon begin affecting prices.5 Y+ b2 v" J k
6 j: @% `8 P, W3 M" z5 ~3 vThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says.
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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.- O. B( A3 i" O
3 W/ V, w& J3 p/ ~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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