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http://ca.news.finance.yahoo.com ... drop-next-year.html4 ~5 i' l4 R) B' U: w
$ n/ k# j4 a) GHot housing market to cool, prices will drop next year, TD Bank saysWed May 5, 10:18 AM
9 V6 R8 l; O G' c9 n# h; E3 gThe Canadian Press 1 h3 y$ M3 I+ a: a8 Z8 f8 ~
Email StoryIM StoryPrintable View.By The Canadian Press
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! `- M$ L, X: k9 Q! L3 [4 {9 s4 Y* t; \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. X j% M$ e3 R* v$ @* ]
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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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; a3 |9 c# a, D" EThe bank says with home construction stronger than expected, the added supply will soon begin affecting prices.& H% i9 X# P8 x' {! I! }4 U5 _$ S
_, r1 u7 @9 f1 s1 CThe first half of this year has been hotter than expected, and the second half will be cooler, the bank says." H1 R) O3 f1 @4 F
# q( L% o& K7 Q( C; ]8 G jTD 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.1 V7 X9 ?. W& x
+ _3 ^+ m0 @( Q7 Q. z. tThe 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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