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.

Be Sociable, Share!
Comment

Related Articles [3]

Advantages of Using Self-Storage While Deployed

March 12th, 2020
Being deployed isn’t easy, but knowing your belongings are safe while you’re away is a big help. Self-storage in Toronto can help military personnel in many ways until...

9 Top Reasons People Use Self-Storage

March 11th, 2020
Self-storage offers a plethora of options for keeping belongings safe while you transition, upgrade, clean, or organize. Self-storage facilities like the ones here at Jiffy...

Top 5 Benefits of Using Self-Storage

November 4th, 2019
Is your closet overflowing with items that are too adored to be thrown away? Is your home office becoming crowded with files and paperwork and you need a place to store...

Leave a Comment






Recent Posts Blog Categories Archives Subscribe to RSS Feeds
Essential SSL