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http://ca.news.finance.yahoo.com ... drop-next-year.html/ L' W" P. P2 Y* K
L9 p- M. ?( Q s$ v" _3 V+ {Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
1 b& E( R w' p7 r, N7 A3 p; UThe Canadian Press 2 y5 g3 n5 ?" a/ u' }
Email StoryIM StoryPrintable View.By The Canadian Press2 T; K/ L: e, W6 `5 J8 R3 @
$ q6 M3 g. H( a3 O, _( 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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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+ z" j( O' S, WThe 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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7 k& |$ s! y* l3 f9 e# ZTD 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/ Y9 @6 N5 r
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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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