6 Nov 2012

Canadian housing market slowing

According to Canada Housing and Mortgage, the Toronto housing market recovery is slowing down and is not likely to fully recover until the second half of 2013. Condominium sales have continued to decline, averaging $358,741 in October, down 2 percent from a year ago, the Toronto Star reported.

Any Toronto area homeowner looking to free up space in their home should consider Toronto self storage as an inexpensive way to store their valuables.

“I believe the slowdown we’re seeing has largely been caused by the tightening of financing rules and is a short-term shock which is basically going to take some people out of the market for a year [until they can save up a bigger down payment]," Brad Lambl, a realtor and condo developer, told the news source. “The single family home market is another thing. There’s not a lot of new supply coming there (unlike the GTA condo market where about 50,000 new units are under construction), so prices will continue to rise.”

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