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http://ca.news.finance.yahoo.com ... drop-next-year.html5 i7 Z, Y- M" x- a- [/ r$ J
$ ?( [; r4 j8 d" H. [Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM: v4 Q5 i5 O1 |* o" w9 C
The Canadian Press
3 Q. p+ J5 T( e+ Z. N. GEmail StoryIM StoryPrintable View.By The Canadian Press
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6 t: G+ M4 g, l$ B7 B/ JOTTAWA - The TD Bank says home sales will be significantly lower in the second half of this year and next — and prices are dropping too.0 p! s, d: z- t5 N
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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., B. d! f/ {* w; u( \
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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.
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6 D& s `4 Y' y! _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.- D Y i( t0 |8 h; h% x: C" [
/ n9 O+ a; Y2 S1 {; M7 lThe 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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