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http://ca.news.finance.yahoo.com ... drop-next-year.html
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* T$ X0 m# r' o% f7 h& K" @( EHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
" @" ^+ d1 C" xThe Canadian Press
/ g5 t- @) R& |Email StoryIM StoryPrintable View.By The Canadian Press
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; k% m, c8 z# K$ Y# b. _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.. p, ?4 n8 k ~0 e
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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.! F- `. C0 w5 u; h) L
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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., K) ?! {* u1 z3 K% i! N4 M* `
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TD 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.0 ]6 Y% E* B: W3 c( A
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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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