According to Bloomberg, David Madani, economist at Capital Economics in Toronto, is not making any sweeping predictions about the future of the real estate market just yet, as the downturn has "just begun."
Jim Flaherty, finance minister, has historically restricted lending standards for mortgages over worries the real estate market in Toronto and Vancouver were being overextended. Already, the debt-to-disposable-income ratio has broken previous records, reaching a ratio of 165 percent. As a result, many economists in Canada think cooling in construction starts is a good thing, as reported by Bloomberg.
The Canadian Mortgage & Housing Corporation recently released data revealing a decline in housing starts in April – the first time a decline has occurred in the first quarter. As supply tightens and demand remains elastic, many potential buyers could confront delayed closings. For many, self storage is a viable option.
Jiffy Self Storage, a leader in Toronto storage solutions, is currently running a contest on their website for a free iPad 3. Visitors to the site simply need to match a few Canadian landmarks and they'll be entered to win the iPad or one of several other prizes.