This is what the future of the housing market looks like in Canada
If COVID-19 has you desperately wanting to pack your bags and move out the city, you are not alone.
This week, real estate company RE/MAX released an updated Canadian Housing Outlook, which shows that more Canadians want to live in suburban or rural communities as work and life dynamics continue to shift due to the ongoing pandemic.
Canadian housing market is expected to stay active for the rest of 2020, thanks to pent-up demand and low inventory. 🏠— RE/MAX Canada (@REMAXca) August 20, 2020
Read the RE/MAX Fall Market Outlook Report. #REMAXCanada https://t.co/2frRqA7yGF
Now that many people are working from home, 32 per cent of Canadians do not want to live in urban centres anymore, the report suggests.
Forty-four per cent would prefer a home with more space for pools, balconies and bigger backyards, while 33 per cent said they simply need more square footage.
"Many homebuyers are now exploring different neighbourhoods that better suit their new lifestyles, and real estate agents are getting busier and working more with buyers from different major cities," said Elton Ash, regional executive vice president, RE/MAX of Western Canada in a statement.
Will the popularity of rural living surpass city living? Based on our recent IG story poll, the majority of you would prefer a cottage investment property rather, than a condo with amenities! #REMAXCanada— RE/MAX Canada (@REMAXca) August 19, 2020
Read more on suburban living 👉 https://t.co/N7inOUOYt5 pic.twitter.com/uGiSfoUtXV
Equally important to Canadians looking to move is proximity to local medical services. Forty-eight per cent said that they'd rather have a home that's close to a hospital or clinic.
However, with an increase in demand comes an increase in price.
RE/MAX brokers and agents are expecting Canadian housing prices to go up by about five per cent in the third and fourth quarter. This is compared to a 3.7 per cent spike that experts predicted late last year.
"While COVID-19 lockdowns slowed the Canadian housing market at the start of a typically busy spring market, activity bounced back by early summer in many regions, including Vancouver and Toronto," Ash added.
"Despite the tragic impacts of the pandemic, our optimism in the strength of Canada’s housing market has always remained, and current market activity further exemplifies this."
In July, Canada set an all-time record for the most houses sold in a single month. National home sales reached 63,355.
Join the conversation Load comments