According to the recently released Teranet-National Bank Composite House Price Index, the mass amount of condos going up in Toronto is causing the three largest housing markets in Canada to experience "considerable softening."
With fewer people purchasing property in Canada than in previous months, residents will look for affordable self storage in Toronto as a place to put some of their possessions, which they don't have room for in their homes.
"Despite the string of fairly robust month-over-month gains, we do not expect this trend to continue especially as the impact of tighter mortgage regulations weigh on housing market activity over the balance of the year," Mazen Issa, Canada macro strategist at TD Securities, said in a research note.
Marc Pinsonneault, the senior economist for National Bank of Canada, told the Toronto Star the softening housing may benefit many Canadians who have deal with a low amount of supply and high demand in recent years. Fewer people buying homes means more time to build homes to supplement that demand.
Self storage can be a smart way to hang on to valuable items without taking up room in a house or apartment. For Toronto storage solutions, there's no better than Jiffy Self Storage. Those interested in self storage should check out the affordable rates on Jiffy's website, where they can also enter to win a free iPad 3.