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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
/ d% c& T$ k: p. a8 {" L6 x/ }The Canadian Press
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( _7 C7 n4 F+ POTTAWA - 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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' t( o* a* P# M, X, ~0 W( x. jThe 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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7 p% z. F5 w/ w# K) D4 ^The bank says with home construction stronger than expected, the added supply will soon begin affecting prices.1 ^5 s3 T0 }9 j1 W* q, k
3 c+ D% X& m5 {& @) bThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says.
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/ g& C2 H- ^' w( o# dTD 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.* e. x/ ]9 Z& [6 ]: N ^
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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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