Yesterday, Statistics Canada released its June 2020 New Housing Price Index. One of the things it highlights is a potential change in the geography of Canadian housing demand.
Within my own real estate practice in the last year and increasingly so in consideration of COVID and its implications, I have seen buyers leave the GTA and come south towards Hamilton, Burlington, Haldimand and Norfolk. They are identifying that if they can work at home why not work in more space and have more community connection. Our values are changing as Canadians and COVID has moved those decisions along.
Nik Nanos, of Nanos Research, in speaking to the Ontario Real Estate Association, shared his similar findings. He added that this trend falls across all demographics as determined by age.
“I believe in the post pandemic world we’ll see more remote employment. Not everyone will just march back to the downtown cores of the major cities,” she says, noting the lack of appetite some city residents now have for downtown living – public transit, crowded elevators – in a post pandemic world. “I think that many more people will be able to work from home at least part-time. Given that housing outside the core is that much cheaper, people will take advantage and be able to get more for their money.”
Dr. Sherry Cooper, Chief Economist at DLC
Article: Canadian Real Estate Magazine