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http://ca.news.finance.yahoo.com ... drop-next-year.html
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9 u: m3 f9 a& V, v9 z; sHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
8 A, t% t* c/ ]5 v- n& SThe Canadian Press
2 O, y) W7 |$ b! r6 L& @4 mEmail StoryIM StoryPrintable View.By The Canadian Press( f" w6 O' \" @7 h! |
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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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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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: J% M' t) ?5 I3 P7 T$ ^( NThe 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.2 d, M' h0 H. a5 W. W8 q+ g
+ _! |$ J" z8 O3 r3 D. BThe 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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