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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
1 C \; E1 e4 _7 N/ p- S+ j8 jThe Canadian Press
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U4 e) A& N4 X0 `* H9 r3 R9 ?& x+ FOTTAWA - 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.( N% C# |. B; r1 w! ]- [2 k
' @1 k% K/ w8 ?- q* `5 LThe 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.
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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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