There’s good news for the Toronto housing market so far this year, and that is that it has lowered a bit. For those living in the city, they will most likely be happy to hear the housing market has become more affordable within the past few months, although there’s no way to be sure whether it will completely recover, according to the Wall Street Journal.
Some people have had to downsize their homes due to the economy and many have chosen to purchase self storage spaces to store some of their items.
According to the Financial Post, December transactions from the Canadian Real Estate Association show the annual dollar volume was down about $1.379-billion compared to last year. Gregory Klump, chief economist at Ottawa-based CREA, told the source he doubts the market will get tougher from here on out.
“It all really depends on where,” he said. “If you are in Victoria, sales are down 5% for the year. You can be sure their members are hungrier. In Vancouver, it’s not the heady times in 2012 they were in 2011 because activity was down 23%. If you are looking at Calgary, realtors are having a real good time.”