March 19, 2021, by Taylor Pipe
At the onset of the COVID-19 pandemic, many people thought that the housing market would cool down. However, the coronavirus pandemic has done the exact opposite and caused house prices to soar amidst a lack of homes for sale. The pandemic has changed the landscape of real estate in Canada and has impacted the way we view homeownership in today’s market.
With more people working from home, buyers aren’t looking to buy homes specifically close to work. There is also an increased demand for homes with lots of space. People now purchase property outside of big cities and look for potential homes in smaller towns, creating vacancies in larger cities.
According to agents, commercial property and home sales have boosted during COVID-19. This could be due to various factors that increase demand and make homeownership a more viable option for people living in Canada.
The country’s average home price is currently just over $678k and could grow as much as 16%, according to Global News. This upward trend is a sign of the need for single-family homes in Canada.
The real estate market might not ever return to its pre-pandemic state. COVID-19 is a global crisis that is affecting every person in the world. Realtors and owners are feeling the crunch of the crisis.
But the investment opportunity is endless with the news of vaccinations. Once the border is open, and investors from international markets are allowed to purchase a house, Canada will see an economic boost related to real estate investment.
Real estate & coronavirus: an unstoppable force
What does this mean?
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