The Toronto area saw significant growth in the real estate market in January, and the Canadian Real Estate Association believes the market will grow even more in the month of February, perhaps signaling renewed demand in Toronto storage units as well.
That’s because tighter mortgage regulations will be instituted soon and future homeowners want to take advantage of the longer pay period now before it’s too late.
Expecting a flurry of activity before the March 18 deadline, the CREA is calling on the government not to get involved in the mortgage market until well after that date, when the maximum amortization period goes from 35 years to 30 years.
“It will take some time before the longer term impact of the latest mortgage regulations on the housing market can be known,” said Georges Pahud, CREA’s President. “For that reason, further action shouldn’t be taken until the impact can be measured.”
The CREA points to the growth in the Toronto real estate market in January as an indicator of what’s to come. According to numbers it released earlier this week, more than half of all local Canadian markets posted increases in seasonally adjusted sales activity, with Vancouver and Toronto leading the way.