ATTENTION POSTMASTER: Time Sensitive Materials
ABOUTOWNE
Realty Corp., Brokerage 1235 North Service Road W. Suite 100, Oakville, ON L6M 2W2
TEAM
Each Office Independently Owned and Operated.
416.520.4785
DECEMBER 2020
MORRISON REAL ESTATE MARKET REPORT
Nancy@NancyShea.ca
www.NancyShea.ca
Canadian housing market expected to remain active for the remainder of 2020 due to pent-up demand and low inventory levels. Typically, the real estate market tends to slow down in the fall. But that’s not what’s happening. Homes are getting snapped up faster as values rise and mortgage rates continue to slide. WHY IS HOME BUYING SO ACTIVE NOW?
HOW THE PANDEMIC SHAPED THE MARKET
Experts can’t point to just one reason why home buying has defied expectations as we face a still uncertain economy and elevated levels of unemployment. Why is there such a big appetite now?
Experts agree, that Covid-19 has changed what people are looking for in a home—but to what extent is up for debate.
Low mortgage rates? More space to work from home? Buyers who waited for the pandemic to subside? It’s likely a combination of a few or all of these factors. Buyers who were held back during the spring watched mortgage rates drop. Now that businesses are opening and more people are finding ways to live safely, the home buying hesitancy has subsided. Low rates are just adding extra impetus to an already motivated buying segment.
The pandemic has prompted many Canadians to reassess their living situations. According to a survey conducted by Leger on behalf of RE/MAX Canada, 32 per cent of Canadians no longer want to live in large urban centres and instead would opt for rural or suburban communities. This trend is stronger among Canadians under the age of 55. Not only are Canadians more motivated to leave cities, but changes in work and life dynamics have also shifted their needs and wants for their homes. According to the survey, 44 per cent of Canadians would like a home with more space for personal amenities, such as a pool, balcony, home office or a large yard.
PREPARED ESPECIALLY FOR
JONATHAN AND ANGELA-MARIE WILLIAMS
Jonathan and Angela-Marie,
If you would like to know more about how your home value has been affected by the recent changes in our market, contact me today.
CALL ME TODAY 416-520-4785.
PRESENTED BY
The Nancy Shea Team, Your Morrison Specialists
TEAM
www.NancyShea.ca