As has been recently reported, there's been a growing trend of homeowners downsizing in the Greater Toronto Area, as empty nesters sell their homes for the more quaint confines of a condominium. This trend is expected to continue in 2012, according to a new housing forecast.
During the Canada Mortgage and Housing Corporation's annual Housing Outlook Conference, Shaun Hildebrand, senior market analyst for the GTA, said downsizing will not only continue in 2012 but in the years afterward as well, as more and more baby boomers enter their retirement years.
As a result of this, there may be an increase in the number of Canadians looking for storage units to house their belongings.
Hildebrand also discussed how housing housing would perform in general next year.
"The market will feel somewhat slower than previous periods of high activity as buyers practice more restraint in light of slowing economic fundamentals," said Hildebrand. "Low interest rates will help keep a decent sales pace, but expect resistance to price increases as more supply enters the market."