16 Aug 2012

A cooling housing market may spell bad news for Toronto contractors

The Toronto Real Estate Board recently reported home sales fell 1.5 percent year-over-year in July, suggesting the Toronto housing market may be cooling down a bit. With fewer people buying homes, they may be seeking out a Toronto self storage facility to store their possessions until they find the right place to move in to.

Although the market has slowed, contractors appear to know something others don't, as permits for new buildings rose 21 percent from June to July. The increase in potential new homes may saturate the market, resulting in a possible drop in values – a positive sign for buyers.

But, the benefit for buyers may take some time to come to fruition, as reports show that prices remain on the high side. With prices out of reach for many buyers, there is a strong possibility that a number of properties may remain unsold and uninhabited, which could result in a negative impact in the area's housing market and economy as a whole.

“We have hit the peak in the new condo market, we are on the down side of the roller coaster,” Ben Myers, executive vice president of Urbanation, said in a phone interview with Bloomberg Businessweek. “We will really have to see how the developers react to a little bit of the slowing in the market, if they hold off on new launches.”

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.

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