6 May 2011

Existing home sales in Toronto drop

The state of Toronto’s economy has received a steady stream of good news over the past several months, but it may be in the midst of a spring swoon.

According to a recent report released by the Toronto Real Estate Board, there were approximately 9,041 existing home sales in the month of April. That’s a near 20 percent drop in sales compared to the same month last year.

Despite the decline, Bill Johnston, TREB’s president, said it should not serve as a sign of what’s to come.

“Expect the pace of sales to remain robust through the spring, as the economy expands and home buyers continue to benefit from affordable home ownership opportunities,” said Johnston.

But a report from the Conference Board of Canada is not as optimistic. According to its Metropolitan Outlook study, Toronto’s economic output will shrink 2.8 percent over the next five years, perhaps leading to fewer people purchasing storage units due to less discretionary spending. The firm said that the drop off in Toronto’s economic productivity will be due, in part, to the government’s stimulus spending winding down.

Be Sociable, Share!
Comment

Related Articles [3]

5 Tips To Help You Downsize To A Smaller Home

December 15th, 2015
Sometimes life events bring with them the need or desire to opt for a smaller living space. Unfortunately – though not always – this entails either getting rid or moving...

Toronto home sales jump in July

August 5th, 2013
The latest report from the Toronto Real Estate Board showed that home sales in the greater Toronto area were up 16 percent in July on a year-over-year comparison, marking...

Home prices on the rise in Toronto

July 25th, 2013
A recent report from Remax Ontario-Atlantic Canada indicated that home prices in a number of Toronto neighborhoods are averaging more than $1 million.According to the report,...

Leave a Comment






Recent Posts

Blog Categories

Archives

Subscribe to RSS Feeds
Essential SSL