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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
! e" I+ u4 O [; W& q# K* ~! UThe Canadian Press
$ e5 {# ~8 Z7 x1 f6 B2 t3 {% aEmail StoryIM StoryPrintable View.By The Canadian Press
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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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5 \7 }1 o+ T( h F$ AThe 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.2 \+ Y# K' Y- F; ], P) E5 q& ^
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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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4 M" ~9 y o, r, 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.
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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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