Condominiums are becoming a more popular housing option in Canada, according to recent research from the Royal Bank of Canada, and the increased interest in condos in Toronto does not necessarily mean prices for the housing option will keep growing.
The booming condo market in Toronto can mean many things, one of which, is that people will be soon moving to condos in the city. With more couples, individuals and families moving, there will be an increased need for portable storage containers in Toronto.
Although the condo market is strong, economist Robert Hogue noted in the report that the market will begin to cool because the prices for single family homes are beginning to fall, with fewer condos being built in the coming months.
“The historic condominium apartment boom in the Toronto-area market is not necessarily a sign of excess or of a bubble,” according to the report. “While it may not be due to a bubble bursting, nonetheless, we expect that buyer demand for condos will cool going forward.”
Currently, interest in condos is believed to be at its peak, according to the report, as increasing interest rates and tighter mortgage insurance bringing down demand.
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