Housing Trends in Canada

Despite the pandemic, the home market in Canada has held up better than anyone could have predicted. The average price of a property in April was $696,000, up 41.9 percent over the previous year.

The demand for single-family houses has increased dramatically in the last year for a variety of reasons. When stay-at-home orders were issued, condos were excruciatingly small for certain couples and families who had to work and learn from home. Second, some buyers had planned to relocate in the next years, but the pandemic has hastened their plans.

According to half of Canadians (53 percent), it is said that the housing markets in Canada are expected to stay stable in 2021, according to half of Canadians (53 percent). And in 2021, 52% of Canadians believe real estate will continue to be one of the top investment opportunities.

Present scenario of housing in Canada

The real estate market, which saw a significant but brief downturn in the early days of the pandemic, is now in the mood to set new records. The vast majority of observers credit this massive return to the top to pent-up demand during the prolonged shutdowns. Canada did take stringent measures to keep COVID-19 numbers low, which put a strain on the country's burgeoning real estate market.

Real estate market on the rise, despite COVID-19

Given the current situation of the real estate market, it is safe to say that Toronto is the most active real estate market in Canada. According to the report, the average house price in Toronto is $1,109,036 and there have been 7,267 new listings in the last 28 days. With 15,652 properties sold in March 2021, Toronto's home sales hit a new monthly high, indicating a 95 percent increase over March 2020.

Housing trends post-pandemic

The COVID-19 outbreak has caused Canadians to reconsider a number of things, including their homes. Overnight, our houses have transformed into our offices, virtual schools, and banana bread bakeries, prompting Canadians to seek out larger living areas. For many Canadians, the massive move toward working from home has opened up new geographic possibilities. According to Google search patterns, Canadians are interested in relocating outside of metropolitan centers, buying cottages, or purchasing properties in suburban and rural locations.

Conclusion

Not only has the COVID-19 pandemic caused Canadians to reconsider their living space and location, but as bank offices have been forced to close and contact center wait times have increased, Canadians have increasingly turned to internet channels for their financial needs. With more first-time buyers joining the market and established homeowners wishing to relocate, Canadian financial institutions must continue to improve and develop their digital presence to meet consumers where they are beginning their house purchasing experience - online.