The trend of 2020 continued till 2021. From a lockdown of a few weeks then to months, eventually has extended for more than a year. The Real Estate Sector has seen a great shift in the buying and selling patterns. Let’s have a look at these 7 Milestone changes in Canadian Real Estate Since Pandemic
1. Work from Home has changed the need for office space.
For decades, one of the biggest markers of prestige for a business was its property: an imposing, large-scale office building was the sign of a truly successful company.With more than 30% employees are working from home post pandemic. As a result, most companies, mainly larger organizations, will shrink their footprints as a cost-saving measure, saving their office rents and other cash expenses. The office spaces are idle with low demands.
2. Rise in Online Sales puts a brighter spotlight on Commercial Real Estate.
E-commerce sales surged by 44.5 percent year-on-year as lockdowns and stay-at-home orders helped drive online purchases to more than $200 billion. A surge in online shopping is bolstering the warehousing sector, making logistics assets unusually pandemic-resistant.The blizzard of online sales is strengthening logistics hubs where companies are looking for omnichannel distribution centers to support the company’s digital growth.
3. Virtual Platforms like Zoom Calls have re-invented the way Buyers & Sellers & their Agents now interact.
For buyers, virtual tours can be a great way to see many homes while saving time and minimizing exposure to Covid-19. This is especially true for buyers moving out of their city or state and want to house hunt before they pack up.
Here are four things you should know before your virtual home tour :
1. Know what app you have to use beforehand so you have time to install it and try it out. For example, if you have an Android phone, you won’t be able to use Facetime, so you’ll have to find an alternate video app, such as Zoom.
2. Charge your phone or tablet.
3. Have a good internet connection.
4. Make sure you’re in a space where you can hear the Realtor and they can hear you (for example, a loud restaurant or outdoor area with wind might not be ideal).
This is your chance to decide if you want to move forward with this home, so don’t be afraid to ask the agent to open closet doors, zoom in on something, describe specific features in detail or any other request that you might not normally make if you were there in person. The realtor, in many ways, is acting as your proxy.
4. Adoption of Digital Methods like Authentisign / Docusign by Banks , Financial Institutions, Buyers and Sellers to exchange property
Digital transaction management has proven to be a great tool to help real estate agents track their transactions and communicate better with their clients, coworkers, and real estate attorneys. Digital transaction management has helped to streamline the nature of business transactions everywhere by reducing paperwork, filing, faxing, and storage issues and introducing centralized storage solutions, digital signatures, and greater security.
5. Suburban Areas which were traditionally considered cheaper than Core downtown areas are now more sought after.
As with other trends, Covid-19 is accelerating suburban growth. There has been a rise in sales all over GTA & its surrounding areas. Even real estate markets which are 2 to 3 hours from downtown Toronto like in the North Bay Real Estate Market have seen a meteoric rise .While it may have been hard to believe a couple of years ago, millennials are living this trend now. They are getting married, having kids and finding their downtown apartments small and unsafe, particularly since the pandemic has stranded everyone at home. These families are seeking more space, affordability, better and more affordable education, access to nature and community connection.
6. Increase in Buying Stand Alone or Detached Houses
Unsurprisingly, younger Canadians (under age 35) are significantly more likely to have realized that they need more space and are motivated to move out of their current neighbourhood. Hence there can be seen a remarkable rise in the sale of properties in the North Bay Market. Increased space has become a prominent buyer demand in the wake of the pandemic, with detached homes serving as the most popular home type in cities like North Bay. They also have attics and basements, which few attached homes have. In general, if you want room to expand your family, whether with children or perhaps elderly family members at some point, a detached home will provide more space to do so than condos and townhouses available for sale.
7. Increase in the concept of Home- Ownership than living on Rent
15 percent of Canadians have spent more time researching/monitoring the real estate market during the first and second wave of the pandemic.Choosing to buy or rent a home is a big decision. For a lot of people, owning a home is worth it because it gives a sense of security and stability that renting won’t bring. Renters do not have the opportunity to make long-term investments in their property, which will appreciate over time and increase their net worth. Thus, Home Ownership gives a greater sense of security. This has boosted the real estate market in North Bay and other areas in Canada.
Are these reasons enough to convince you to buy a good property for yourself?
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