6 May 2011

Existing home sales in Toronto drop

The state of Toronto's economy has received a steady stream of good news over the past several months, but it may be in the midst of a spring swoon.

According to a recent report released by the Toronto Real Estate Board, there were approximately 9,041 existing home sales in the month of April. That's a near 20 percent drop in sales compared to the same month last year.

Despite the decline, Bill Johnston, TREB's president, said it should not serve as a sign of what's to come.

"Expect the pace of sales to remain robust through the spring, as the economy expands and home buyers continue to benefit from affordable home ownership opportunities," said Johnston.

But a report from the Conference Board of Canada is not as optimistic. According to its Metropolitan Outlook study, Toronto's economic output will shrink 2.8 percent over the next five years, perhaps leading to fewer people purchasing storage units due to less discretionary spending. The firm said that the drop off in Toronto's economic productivity will be due, in part, to the government's stimulus spending winding down.

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