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http://ca.news.finance.yahoo.com ... drop-next-year.html6 y6 v: F0 M: L; {
0 U; n s' N$ k8 J7 VHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
/ l+ o, v0 l2 o+ ~: ?The Canadian Press
4 b6 i+ C6 H' n1 l) K% J" P$ eEmail StoryIM StoryPrintable View.By The Canadian Press7 _# _: d- H& [. H: Y
# b% K: W7 i2 E- V0 h( YOTTAWA - 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 ?% g" ~7 s2 m C: \: zThe 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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" t6 {) ~! W, c! \" J7 e1 FThe 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.( P" q2 `8 e3 O9 g1 m4 y
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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 l) G# `, o! _3 J" _9 ^
* _$ p' R+ W* x! ^- b1 }3 HThe 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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