Every story begins with a setting. Our homes provide us with lasting protection and happiness, along with a heightened sense of belonging and ample space to call “ours” on this massive, blue planet. The magical thing about our homes is that it feels good to leave, and it feels even better to return! Buying a home is thus a greatly enriching experience. Fortunately, in the recent global scenario, when the Canadian real estate market is soaring, buying a house or a priced estate is like having struck a gold mine, and now is the right time to invest in real estate for real! Let’s find out why?
Save Max Real Estate in Canada:
Real estate benefits and contributes to Canada’s economic growth. Real estate has proven to be one of Canada’s most significant asset groups due to its dual advantages of stable income returns and collateral value.
The Residential or industrial Real Estate Market in Canada is sectioned by ‘Type,’ including Condominiums, Villas, and apartments in Key Cities and Other Urban, Suburban, and Rural Markets.
Buying or selling an estate in Canada is highly profitable, given the recent rapid uprise in the number of sales. Canada is globally ranked number one in quality of Index, and 85th in terms of affordability (in 2020), with home values being high in contrast to other nations. Buying a house in Canada at this time of year is thus, highly affordable, and a wise choice.
According to Housing Market charts estimated by the Toronto Regional Real Estate Board (TRREB), a monthly comparison of real estate listings in Canada suggested a rise in estate sales in February 2021, as compared to the previous three years. This means more people are buying homes in Canada, and active listings are being grabbed at a swift rate! So if you are willing to buy a house in Canada, begin your quest today!
Covid Impact on Canadian Real Estate:
The recent flow of global events has been tragic, causing massive upheaval in the economy. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic and implicated worldwide lockdown as a safety measure.
What does that mean for buyers and sellers in Canada’s property markets?
Well, In the year 2020, Canadian real estate shocked everyone. The real estate markets brought a lot of volatility, financial upheaval, and revived predictions of a collapsing housing bubble. However, this was followed by a quick rebound in consumer confidence and market activity, thereby causing financial growth in the real estate trends in Canada.
The relocation trend in the Canadian real estate market caused an unnatural yet sustained growth in the number of sales.
The industry saw a large decrease in trade volume, but sales were still taking place in many Canadian markets, and rates remained steady.
COVID-19 slowed things down, but only temporarily. The drop in sales and listings for March and April was rather short-lived, and business activity was back on the rise in May.
Property prices started to climb as various regions across Canada joined the second wave of Covid-19, with more market increases between 4% and 6% anticipated in 2021
Introduction and revision of rent subsidy and mortgage deferral schemes caused financial relief for Canadians. In simple words, this implies ‘own homes in less money!’
Emerging Trends in Real Estate in 2021:
Though the Virus outbreak weakened the industry, The Canadian real estate sector rapidly adapted by introducing modern marketing techniques such as video showings, live virtual open houses, and e-documents. Many agents have already begun to use these innovations in their work. to an extent, allowing for a more seamless transition for shoppers who already wanted to participate in the industry. It wouldn’t be long before the housing market roared back to life, with some intriguing new developments emerging.
Many younger workers and some families have left for less dense and less expensive locations due to pandemic-induced WFH patterns and will take time to return to their employment place. Some staff has also bought or leased homes in more remote areas, and they may be reluctant to resume their regular commute. As a result of this change, there has been an uptick in the number of people looking to buy rental properties or apartment homes.
The real estate industry in Canada certainly seems clearer and more fruitful. The emerging trends in real estate in the country are expected to result in the development of residential estates and medical offices in the near future. If you are contemplating buying a house or unsure whether it is the right time, well, stress no more! The Canadian real estate market is undoubtedly in the clear skies, and a gleaming ray of sunshine may just lead you to your dream home!