How has Pandemic impacted the Real Estate Market Of North Bay?
Amid the onslaught of the global pandemic, home has become so much more than a place to live. For many, where we live has also become our office, school, gym and restaurant. It’s where we have sheltered in place to prevent the spread of the COVID-19 virus, in hopes of keeping ourselves, our loved ones, and our communities safe.
As the pandemic has made homeownership more important than ever, it has driven new trends in home buying psychology. More buyers are looking to upsize their homes and are looking to markets where it’s most affordable to do so. As well, the ability to work from home has untethered many from living near business centres, and has offered buyers the flexibility to relocate [farther afield] to markets they may not have previously considered.
And as North Bay offers a country like setting where families feel safe and one can live amidst nature, enjoy beautiful sceneries.In addition to its small-town charm within a city, culture and culinary scene, there is an abundance of green space, hiking trails and fishing ponds in the region, making it the perfect destination for families seeking a slower pace of life with great school options and big-city amenities such as charming local retail and farm-to-table dining experiences. The strategic location of North Bay along with its other factors has complemented the real estate market in North Bay. One can find a variety of options of house for rent in North Bay Ontario and at kijiji North Bay Real Estate market. There are several Renting options available in North Bay as well.
Sizzling Statistics of the North Bay Real Estate Market
Conditions across the country came to a head in March of this year, when CREA reported the highest level of home sales ever, up 76.2% from the pit of the lockdown, with the average price across all home types (including one- and two-storey single-family homes, semi-detached homes, townhouses, and condos in North Bay) up 31.6% year over year to an average of $716,828. Single-family homes experienced the largest price increase annually, with the benchmark up 25% to $795,700, with similar increases for ground related housing with greater square footage; townhouse prices rose 18% to $586,700 nationally. However, the condo sector bore the brunt of buyers’ fears early on in the pandemic, as people living within close proximity was considered a health risk; the price benchmark grew just 5.3% to $498,000 year over year.
For years, Northern Ontario has struggled in a myriad of ways. From lacklustre population growth to a paucity of infrastructure on par with other areas of the province, it hasn’t been easy to draw homebuyers to this northern market. But to our surprise, how the tides have turned! Despite everything that has transpired over the past year of enduring the coronavirus pandemic, the COVID-19 economy has been incredible for the North Bay real estate market. Whether in soaring sales or sky-high prices, it has been a historic time for this sector. And the gains seen from the nationwide housing boom have seeped into the rest of North Bay’s economy.
Will North Bay become the next big thing in the Ontario economy?
Policymakers, advocacy groups, and the broader real estate industry are hoping that this is the opportunity for Northern Ontario to maintain the momentum and take advantage of the newfound growth. Until that question is answered, the North Bay real estate market is enjoying record-breaking monthly developments.
8 Reasons – Why There is a Rise in the Sales Of Properties in North Bay?
1. Millennials are driving the Real Estate market in 2021
Over the last several years, millennials have rented to stay nimble and keep work opportunities open. Now, they’re ready to buy. Millennials are leaving larger cities like Toronto etc and heading towards cities like North Bay etc.The average millennial buyer wants a house with a nice backyard in a desirable, quiet location. Two factors in favor :
2. The “2021 housing market” is looking to be super-competitive for home buyers
Today, that equation is flipped: lenders are only issuing mortgages to highly qualified individuals, the existing housing stock isn’t enough for a growing population, Boomers are aging in place rather than selling, and home building continues to lag behind demand. The current market conditions aren’t going away anytime soon.Buyers are getting outbid even with competitive offers.The housing market in Canada is extremely competitive right now. As per latest statistics 56% of buyers faced bidding wars on their offers.
3. Participation of first-time home buyers has been elevated
Because of multiple reasons, the Canadian Real Estate Market is witnessing a great surge in the participation of the first-time home buyers. Even the Canadian Government has given relaxations to the buyers who have never owned a home like less down payment and low mortgage interests.
4. Rise in work from home culture has also sparked a new suburban boom
The post-pandemic recovery has driven a housing boom in more affordable cities and surrounding suburbs, prompted not by a fear of density but by a seismic shift toward working from home.The rise in sophisticated technology has enabled them to create an environment at home, or practically anywhere for that matter, to be productive.
5. The pandemic has increased the desire for detached houses with a bit more space and a garden
Millennials with money want to spend on detached houses.A garage, updated kitchens and bathrooms, good schools, and attractions nearby are also common wishlist items for them. Detached homes offer space and peace of living because you don’t have to share your wall with your neighbours.
6. Low mortgage rates throughout the year helped the North Bay Real Estate market see price and sales growth.
The Canadian Housing Board has been supportive for buyers by offering homes at less down payments and mortgages available at lower cost leading to rise in the trend of home-ownership among buyers.
7. Residential real estate market has performed better than Commercial Real Estate spaces
The commercial real estate market has been affected badly due to the culture of work from home. Office spaces are now vacant or are operating with 20 – 30% of its capacity. In order to curb the costs the companies are shifting from large to small spaces. On the other hand there can be seen a tremendous shift in the demand for residential spaces from sale of detached houses in North Bay to houses for rent in North Bay, the demand has risen.
8. A shortage of available housing inventory leading to soar in prices
As more buyers enter the market, the demand for housing increases in turn.There is a high demand for properties in North Bay combined with a lack of supply of quality properties, the prices of houses have risen phenomenally reading to bidding wars among buyers.
Do these trends prompt you to buy a property in North Bay?
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