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http://ca.news.finance.yahoo.com ... drop-next-year.html) S8 I c6 s/ l& P* ~2 P$ t# F
, c& D2 A' @& e; U1 m8 OHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
1 F; I n; a9 v, F; E* a1 F: OThe Canadian Press
& C' U( l) A9 V! ?$ pEmail StoryIM StoryPrintable View.By The Canadian Press3 f9 A3 A+ l8 w/ k
2 |# I7 O. K9 ?" C- C! T- TOTTAWA - The TD Bank says home sales will be significantly lower in the second half of this year and next — and prices are dropping too.9 V2 @* N: L! p% K7 ]2 Z
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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.) r' m& z1 `8 T4 {3 G/ n
' m: U0 w% t9 oThe bank says with home construction stronger than expected, the added supply will soon begin affecting prices.
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7 Z, U* Z Q# X1 K) `) L( O, ]1 pThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says.
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0 ~' ?( y$ R; o4 V2 z+ S# Z- \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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D# L* R: A( n1 \2 eThe 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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