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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 AM3 N$ @7 t! w3 R8 E; _' s
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.
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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.1 {! ^9 e: w1 x/ u6 |( T
: M' S" d/ r* y E3 j2 P0 _4 }: @, rThe 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. a2 o; s3 ^8 n8 V a
7 z/ u' o( Z/ k: d# }$ L- GTD 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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