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http://ca.news.finance.yahoo.com ... drop-next-year.html
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7 k. r! } [! Z$ v; }1 wHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
* A3 d$ e: u0 a0 }4 b3 oThe Canadian Press
) ]# }2 `0 o& h) v( }$ S! ]Email StoryIM StoryPrintable View.By The Canadian Press% ? E; a. ~$ D" ~
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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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( g6 Z/ @& u* h2 i. uThe 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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! A( h+ [' X/ E" j, U7 kThe 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.
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) B7 R3 Y$ Y# C% `# r; U, }6 J0 [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.
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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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