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http://ca.news.finance.yahoo.com ... drop-next-year.html6 y* l. m5 c" o5 B2 Q
5 w1 s! O5 H) @, k6 W5 Z2 V3 K- e1 hHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM7 V }4 W: S" C3 }
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.. j* T* G+ d4 s: d6 k
+ j0 B: B i" _) F$ OThe 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.& R8 j3 ^1 S$ p0 \" \2 y, v
" G) X* B6 N" k3 S, aThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says.& ]! a1 l( J" l0 w o
- C0 a/ p0 {2 S# G8 f$ s! sTD 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.; N4 s/ b2 b" {
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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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