The Toronto real estate market has been booming as of late, and many of those moving to the region have been using self storage facilities in order to hold onto their items before they get moved in. However, a recent report indicates the popularity of the city may be causing real estate prices to rise.
A new report by RBC Economics shows the city's "affordability index" declined in the first quarter of 2012, and early projections show prices will either continue to increase or hold steady through the end of the year. The cost of the average detached home in the city was equal to 53.4 percent of pre-tax income for the quarter.
"The seller remains king in the Toronto-area housing market with brisk buyer demand outstripping the availability of homes for sale," says senior economist Robert Hogue told Moneyville.ca. "That said, if affordability continues to deteriorate over the next year, we expect this will have a cooling effect on the lively resale market and restrain homebuyers to a certain degree."
As real estate prices continue to rise, those moving to Toronto should be sure their self storage facility has the most affordable rates possible for storing their items.
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.