How The Pandemic Has Changed Our Relationship With Housing

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How The Pandemic Has Changed Our Relationship
With Housing
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• Predictions made by experts within the housing
  and mortgage market, suggest that housing
  activity in Canada will continue to be strong
  throughout 2021 and even into the following year,
  and its estimated that 701,000 homes will be
  sold through Canadian MLS systems this year. Its
  also predicted that the national average price of
  a home will grow by as much as 16.5 annually,
  hitting a high of 665,000.
• The Canadian Real Estate Association previously
  forecast record sales numbers for 2021, but in
  fact, activity has been far stronger than
  anticipated, representing a large upward revision
  as a result of the incredible sales growth in
  recent months.

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• Further predictions of a reopening of those
  hard-to-distance sectors of the economy that have
  struggled the most with the health pandemic, and
  a re-acceleration of immigration, have been
  triggered by the prospect of mass inoculations,
  which have already begun in earnest.
• What has been the overall effect of COVID-19 on
  the Canadian real estate market so far?
• While some of the effects on the Canadian real
  estate market have yet to be felt in full,
  weakening high-rise condo prices and increasing
  low-rise prices have made their impact felt, and
  there has been an overall decline in rental
  income and general property prices.

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• Perhaps one of the most significant ways in which
  the pandemic has affected the Canadian real
  estate market, is in the relationship that many
  people have with housing. For more than a year
  now, home has been everything for many global
  citizens, and the enforced periods of lockdown
  and quarantine have resulted in an increased
  desire to have a place to call their own. People
  are typically wanting larger, independent
  properties with bigger yards, and are less drawn
  towards types of housing with communal areas and
  shared facilities.

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• The remote working revolution has also had a
  significant impact upon homeowners and buyers,
  and calculating journey times and proximity to
  work has become one of the biggest factors in
  choosing where to live this year this trend is
  set to continue as many companies enforce remote
  working, or give their employees the option to
  work from home instead of travelling to the
  office.

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• What Canadian home buyers are doing now and the
  problems their behavior may cause?
• First-time home buying activity has seen a surge
  as many Canadians seek to find sanctuaries of
  their own amid the chaos of the pandemic, and
  existing homeowners are opting to move to more
  desirable homes. This ever-accelerating activity
  is coupled with concerns over supply and demand,
  and while inventories are down across the
  country, demand is continuing to set incredible
  monthly records.

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• This particular dynamic fueled by COVID-19 is
  seeing rising prices everywhere, which in turn,
  may pull even more demand from the future as
  Canadian homebuyers experience an increased
  urgency to lock in existing prices at
  exceptionally low mortgage rates.
• Who knows quite what the future holds for the
  Canadian housing market, but the desire to live
  in an independent home, coupled with trends such
  as remote working, are set to change the face of
  housing for the foreseeable future.

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