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http://ca.news.finance.yahoo.com ... drop-next-year.html3 W% c( _/ N4 M9 Z
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Hot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM' X ]7 D' d+ `1 [ [! P
The Canadian Press
9 z+ r8 A6 B8 f- M4 BEmail StoryIM StoryPrintable View.By The Canadian Press
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2 \5 M& r. E' p! Q7 H6 x; qOTTAWA - 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.
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The 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.
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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 L5 \1 w0 ^$ O, b8 x7 A
2 u+ O6 M" a3 G( [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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