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http://ca.news.finance.yahoo.com ... drop-next-year.html' K7 W3 ], U/ r# j9 q1 X
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Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM; y# o m) p$ X2 f/ B. z- K
The Canadian Press $ G* A9 Y1 a* [$ x* [8 ~
Email 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.3 w8 m1 ^# u7 l1 M4 g+ T: o
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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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The bank says with home construction stronger than expected, the added supply will soon begin affecting prices.
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% E5 c, Q" O3 v" J8 P4 _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.( Q- t" D, m. B2 b
, T9 `: N s$ I9 s2 J& GThe 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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