Real estate prices in major Canadian cities such as Toronto and Vancouver have been high for some time, but they may begin a gradual descent soon, says TD Bank.
According to Moneyville.ca, TD Bank's latest report shows real estate prices for Toronto and Vancouver declining 15 percent, but it may be some time before that comes to fruition. TD Bank says the decline in prices will be very gradual and may take two to three years to complete. This is in stark contrast to real estate prices in many parts of the U.S., which recently saw a sudden 30 percent drop.
The bank's report shows the housing market for both cities is overpriced. However, low interest rates and a stable economy are keeping this housing bubble from "bursting," so to speak. Barring any major economic shocks, the prices will naturally begin to correct over a long period of time.
With prices beginning to decline, it may be a great time to move to Toronto. Those moving to the city should consider finding a self storage unit to help make their move easier. Affordable Toronto self storage rates make it easy for new homeowners to rent a unit and keep their stuff there until they're all settled in a new home.
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.