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Complete Canadian housing market outlook during the COVID-19 pandemic

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Coquitlam Houses for Sale and the entire Canadian housing sector have gone through massive dynamics over years. But the impulsive changes occur in the year 2020. That’s because of the adverse impacts of COVID-19 pandemic on the majority of sectors of the economy across the globe.  

Taking a keener interest in the current trend in the housing market is crucial in making key investment decisions. Simply because any investor or buyer must be more profound in checking the demand and supply curves that determine the prices. Wise investors would venture where there is high demand while prudent buyers capitalize on price reductions.

Here is all you need to know about the post-COVID-19 consequences on Canadian housing.

Major Shift in Canadians lifestyle

According to a survey for RE/MAX Canada by Leger, 32% of Canadians have lost interest in urban living. Instead, the majority are opting to live in suburban and rural communities.  The Major Shift in the Canadian lifestyle must be one great change in the housing sector for the year 2020 as a result of COVID-19.

It is more understandable with continued work at home and social distancing as per the world health organization guidelines. But how does this impact the Canadian housing market?

Developers and realtors have more interest in condos which are self-isolated in more accessible areas. If you have any investment interest, try such properties. Because statistics indicate that you won’t be wrong since this is our new normal which may be longer with us.

As a home seeker, you must be keener to check the locality, accessibility, and even lifestyle of your area. Don't be rush to get self-isolation in depressing environments. It would help to check out Coquitlam homes for sale if you want the most appropriate locality. But don't be afraid to tour the rest of Canada. 

Change in Canada's housing prices

Any amount of change in Canada's housing prices would imply a lot to the housing sector, especially for investors as well as home seekers. The COVID-19 has brought down many sectors of the economy like fuel industries. Surprisingly, it has had a positive about-turn in Canada's housing sectors. 

Key indicators from RE/MAX agents and brokers show a historic turn of events in the housing market. The housing market is said to be stronger than ever. Fall Market Outlook Report by RE/MAX shows that the sale price for residential homes has increased by 4.6 percent in 2020. That’s uncommonly when compared to the 3.7 percent increase for the previous year.

Furthermore, 50 percent of RE/MAX agents and brokers report increase residential sales. Maybe Canadians are beginning to embrace the need for personal residences during the lockdowns during March and April.

Need for larger spaces

Again RE/MAX Surveys indicate that 44% fancy staying in more capacious rooms during the year 2020. The same percentage prefers living homes with more personal amenities. That is to imply, a home that would offer parking lots, pools, balconies, or backyards. Putting this into house development would entice Canadians more.

Anyone planning to develop residential homes should embrace the fact and maybe try to do condos with isolated housing units. That’s for the sake of market and competitive prices. In case you don’t know where to start, get ideas from the trending Coquitlam Houses for SaleAny amount of change in Canada's housing prices would imply a lot to the housing sector, especially for investors as well as home seekers. The COVID-19 has brought down many sectors of the economy like fuel industries. Surprisingly, it has had a positive about-turn in Canada's housing sectors.  

 

 

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