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http://ca.news.finance.yahoo.com ... drop-next-year.html6 M* y3 X6 X5 s4 \, V
6 X4 O3 ~2 y( y' w* FHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
& p/ J1 }- @# U' {1 ~The Canadian Press
" S" I* t+ ? I2 d* qEmail StoryIM StoryPrintable View.By The Canadian Press
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3 m% z% q1 S! Y3 x3 m9 KOTTAWA - The TD Bank says home sales will be significantly lower in the second half of this year and next — and prices are dropping too. k- k( {8 P( ?0 v+ }! b
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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.+ T& Q- ?- E0 z' B1 j7 j
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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.9 i H. ]. R1 C$ ^+ {) |) ]: v
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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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