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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
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Email StoryIM StoryPrintable View.By The Canadian Press( @- s, S6 V& ^- ~) @* W4 y
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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.
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% F( |6 u% w% R! U' ? HThe bank says with home construction stronger than expected, the added supply will soon begin affecting prices.! [% ?* U! e0 K/ w1 J# d2 M
# i* N7 D/ h1 ]0 q5 |, B9 \ NThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says.
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7 K& z1 X3 F( q4 FTD 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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