New Trends in Real Estate Due to COVID-19

Along with the rest of the country, and world, we are slowly finding our way towards a ‘new normal’ for buying, selling and investing in real estate. This normal absolutely includes respect for social distancing and lots of handwashing and sanitizing, but this recent article by Pattie Lovett Reid for CTV News got us thinking: what are some of the interesting, and positive, new trends in real estate that are a result of the coronavirus pandemic?

Trend #1: Investing Wedding Money into Real Estate

It looks like large, lavish weddings and exotic honeymoons are on-hold for the foreseeable future. With the cost of the average Canadian wedding coming in at just under $30,000, we’re seeing many couples decide to put these funds towards a first home or an investment property rather than try to wait out COVID-19 and host a wedding.

Trend #2: Home and Property Upgrades

With so many people spending a lot of time at home, there has been an uptick in the number of home improvement projects underway. The long lines at hardware stores and nurseries don’t lie!

Whether these are smaller projects like starting a vegetable garden or fixing that squeaky door or major undertakings such as putting in a pool or a kitchen renovation, Canadians are choosing to put their money back into their properties and create a space they love to spend time in.

An offshoot of this trend is the fact that some families are finding out the improvement they want to make is a move. This leads us to the third trend we’re seeing in the current market.

Trend #3: Migrating Outside the City

For a big group of people living in major urban centres, the onset of emergency measures, social distancing and working from home brought up a desire to be closer to nature, fresh air and larger open spaces. Since March, the number of GTA residents searching not just for cottages, but homes in Georgian Bay and Simcoe County has soared.

Not only is living outside of the city more sustainable now that many workforces are remote, but it’s often much more affordable than living in Toronto or the surrounding suburbs and budgets will go farther.

Trend #4: Great Timing to be a First Time Buyer

While we believe that it is ALWAYS the right time for any Buyer or Investor to get into the real estate market, now is a particularly good time for first-time buyers to make their move. Mortgage rates have been lower than expected, mortgage approval rates are up and most Buyers and Sellers currently in the market are serious. No one is just ‘seeing what they can get’, they are motivated to reach an agreement.

If you’ve been thinking about buying, we can help!

Trend #5: Embracing Digital

A surprising upside to social distancing was the digital alternatives we were forced to adopt. Not only is the move to a more digital business model better for the environment, but it has also taken our ability to serve clients to the next level. We’re able to connect face to face without being in the same city, tour properties without leaving your couch and to sign documents at the drop of a hat.