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http://ca.news.finance.yahoo.com ... drop-next-year.html+ K. Y% G( Y! {6 u
. ^; x& e9 f2 n+ F% {+ nHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM4 S( G E9 ]! d3 A9 ?( b
The Canadian Press
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$ N" }+ _$ }% }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., b! S: b0 F; F! |4 _1 x
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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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The bank says with home construction stronger than expected, the added supply will soon begin affecting prices.3 S# y A1 s; r: d2 e5 j3 _
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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.& h; _9 }* {/ Q% x
( u4 |% v. Y! ITD 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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