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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' s0 a1 [: ^2 D9 A0 v
The Canadian Press . p' j: a& X) x: E. g
Email StoryIM StoryPrintable View.By The Canadian Press
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2 _5 u4 S& Z& JOTTAWA - The TD Bank says home sales will be significantly lower in the second half of this year and next — and prices are dropping too.7 {2 B7 r+ J* t. R
( f0 e( V( C1 v) UThe 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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) w' C; {0 D* c2 q3 ]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.
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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.7 E2 O A9 x! f, D1 u9 b
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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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