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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 AM7 x: X3 _4 F8 f) y6 t
The Canadian Press ; V3 j* B& c% t' o: b" I
Email StoryIM StoryPrintable View.By The Canadian Press( G! x7 i' I: @. k( X) M, l: E
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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.! W, I) ?4 a" t$ P
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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.4 E# Q; A% v5 U2 t7 g$ M8 F7 Y
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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.+ d$ r3 z) o- F; f' ^. _
& Q7 P1 G/ q% l/ ^2 tTD 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.4 | O6 @. W- Y" Z+ }' r, e! h
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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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