The pandemic has had a huge impact on North Bay’s housing market. Move-over buyers from Southern Ontario have been migrating north, seeking more space and affordability in the wake of COVID-19. These buyers have been adding a great deal of competition to the market, which is putting upward pressure on housing supply and prices.
North Bay’s top-selling neighbourhoods in 2020 were Ferris, Airport and Callander, based on the number of transactions. A slight shift is expected in 2021, with walkability, liveability and schools putting Pinewood, Airport and Callander in highest demand.
1. Millennials are moving to smaller towns due to ‘Work From Home’
Analysts say with companies looking to have 15-25% of employees working remotely, future homebuyers or even those living on rent will explore small town areas for a better lifestyle at lower costs. The trend is gaining more popularity with millennials, or essentially those in the age group of 25-40 years.
2. Much more affordable housing in North Bay
Affordability is an enduring concern especially in the backdrop of a faltering economy and job uncertainty. North Bay’s affordability has been relatively great re than its southern counterparts, Peripheral areas are more affordable both from a rental and purchase perspective. Mortgage rates have never been lower, which incentivizes more people to enter the market.
3. Ideal environment for families for upbringing their children
Many families are now preferring to shift to townships, predominantly on the outskirts and self-sustained gated communities, where the entire family’s needs are sufficiently met. These offer a safe and secure environment for the growth of their children, while providing amenities that reduce the need to venture out.
4. You don’t have to share your wall with your neighbours
Detached homes in general are much more private than attached homes. There’s a reason the latter are called “attached,” after all. Townhomes share walls with neighbors. Condo units can share not only walls, but floors and ceilings with neighbors. As a result, you may hear conversations, loud music and other noises from your neighbors. You may hear a neighbor walking on your ceiling, which is their floor. And vice versa — they can also hear these noises from you.
5. Detached Homes offer More Space
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.
6. They offer large yards
Detached homes generally have a front- and backyard. So if you’ve been hankering to grow anything from tomatoes to lilacs, you’ll have a plot of land on which to do it. You’ll be able to look at an expanse of lawn if you want, or put up a croquet set. Your pets will also have a place to play.
7. Increased Standard Of Living
You have your own garden, you always have a place to park your car. Detached homes means a house all by your own self with no interference. Thus, it ensures that you can live independently and enjoy full freedom. Detached home also increases the sense of pride.
We welcome you to contact us with any questions about the current real estate market in North Bay.
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