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http://ca.news.finance.yahoo.com ... drop-next-year.html
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2 s. H1 D0 l# Z, h$ }- m# xHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
6 L3 U9 E1 G. K3 w5 RThe Canadian Press
' o" S* x! X" b yEmail StoryIM StoryPrintable View.By The Canadian Press' Z4 G( E! A5 m5 C
" B; i- A& t3 O4 ~, p; g$ l+ H( o, OOTTAWA - 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.; W/ u/ U3 m3 |6 w R4 b
+ b/ E- @9 h" a# U. Z! bThe bank says with home construction stronger than expected, the added supply will soon begin affecting prices.; N- G9 @' T& {
/ w- v k. f! C# ]; nThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says.
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4 v% z+ e( U7 ~6 LTD 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., k4 ~# Y# F) q x( N* a$ G
; E+ f0 ~# m9 u& oThe 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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