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.

Be Sociable, Share!

Related Articles [3]

Amazon’s Underwater Storage Facility Is The Future Of Warehouses

March 15th, 2018
Amazon is one of the world’s largest, most innovative and successful companies who consistently redefines what it means to operate a warehouse based on the online sale of...

Why Self Storage Is Booming In Big Cities

March 5th, 2018
Self-storage has always been popular, but lately, it is becoming increasingly more popular in big cities across the country. People are finding self-storage spaces can be...

4 Tips For Fireproof Document Storage

March 3rd, 2017
We all have valuables that we would be devastated to lose in a fire. Some of them are keepsakes, some of them are worth a lot of money and some of them are important legal...

Leave a Comment






Recent Posts

Blog Categories

Archives

Subscribe to RSS Feeds
Essential SSL