Around Town Moving & Delivery

The Effects of the Toronto Housing Crisis on the Moving Sector in 2024

As Canada’s largest and most populous city, Toronto consistently ranks among the top in various categories, including being one of the most expensive places to live. The city that never sleeps is dealing with a serious housing problem that has had a significant impact on a number of industries, despite being one of the most sought-after locations for work, living, and play. Unfortunately for the moving industry, the need for moving services declines as housing possibilities decrease. Though there is little availability and prices are higher than ever, the housing market’s outlook is somewhat improving as mortgage interest rates start to level out.

Interest Rates, Rising Costs and Inflation

According to numerous estimates, Toronto is ranked as one of the most costly cities in the Canada. We in the moving industry are aware that millions of people cannot afford the high expense of moving in Toronto. However, it doesn’t end there.
The housing problem has been exacerbated by exorbitant rents and home prices, exorbitant costs for building materials, and stagnations in the median income of Toronto inhabitants. Due to the increasing demand, landlords have returned to regular or higher rates, which caused rents that had decreased during COVID to soar after the pandemic.

Effects of Housing crisis’s on moving industry


Fewer moves happening.

Indeed, there aren’t as many moves. According to the facts, it is probably not the most financially feasible moment for people to make significant changes if they desire to do so during a housing crisis. People typically move into larger, better homes when the economy is doing well and expanding, therefore our business typically fluctuates along with it. They migrate back home or downsize when it is sluggish and slow. There is just less movement when the housing market is sluggish, as it was in 2007–2008.

Moving Companies’ Price Wars
Customers aren’t hesitant to compare moving firms in order to get the best deal because they are constantly looking for methods to cut costs. Price wars have resulted, placing moving businesses in a challenging situation where they must take financial risks in order to close a deal. We are aware that relocating can be costly, with numerous expenses that go well beyond the actual cost of the relocation. It’s crucial to choose a reliable, trustworthy mover and make an informed choice. Relying just on pricing when selecting a mover is typically a “pennywise and dollar foolish” approach; this is not the area to take short cuts.

Increased Demand for Personalized Services

The landscape is changing for how people use moving companies in Toronto. People need storage, and find more clients are needing the added time to find their new homes, or to renovate the ones they purchase.

We have also expanded our range of services to make every transition easier. For clients that want to make their move as eco-friendly as possible, we offer reusable plastic crates or gently used boxes in lieu of brand-new cardboard boxes.

In conclusion
If you’re thinking about moving in 2024, don’t be alarmed by the figures. Pay attention to the evidence and have faith in the professionals. In our other blogs, we’ve outlined should help you understand the difficulties you may encounter and prepare you to manage your move expertly.