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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
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Email StoryIM StoryPrintable View.By The Canadian Press4 M' v2 p7 o0 K! |& F8 }8 O
5 u) O& b: {6 L$ m5 a6 LOTTAWA - The TD Bank says home sales will be significantly lower in the second half of this year and next — and prices are dropping too.- w- |0 F; a, X
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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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* w+ o7 ]9 R6 b$ \The bank says with home construction stronger than expected, the added supply will soon begin affecting prices.
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2 o5 [, ?" _% I) e+ ]2 u9 \The first half of this year has been hotter than expected, and the second half will be cooler, the bank says.! q% B, s$ ^$ O% h' d4 o9 m
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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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