9 Jan 2013

Toronto housing market to remain under control

Homeowners throughout Toronto won't have much to worry about within the next year according to some housing experts. Housing prices are expected to flatline rather than fall, with gains averaging at about 1 percent. A recent report conducted by the realty company Royal LePage revealed that a lot of the homes will be set at stable prices, which is predicted to be the norm for the next two years.

If any homeowners have had to downsize due to the economy but weren't sure what to do with their extra items, purchasing a storage unit is encouraged.

Although the economy has been at a standstill, the housing situation in Toronto has been somewhat under control, according to Lachman Balani of the News East West. Balani mentioned the last time there was a recognizable crash in the housing market was in the late 80s – from 1985 to 1989.

"The lack of enough houses for sale in Toronto last year to meet demand helped boost the price of a two-story home by 6.2 [percent, to an average of $668,133 year-over-year by the fourth quarter of 2012," the Star reported. "A detached bungalow climbed 4.9 [percent], to $558,345, during the same one-year period."

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