The world is changing, and with that comes a shift in how and where people want to live. The Canadian housing market has remained strong, but this year, potential homebuyers want something different. A significant amount of people are opting to leave major cities.
In an August 20 press release, RE/MAX cited a Leger survey conducted on the company's behalf in which 32% of Canadians said they don't want to live in major urban centres anymore.
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That means that the people who have chosen to call places like Toronto or Vancouver home might be starting to get tired of the city lifestyle, as well as the associated costs that come with it.
The survey also reveals that the trend of leaving larger urban areas is stronger in individuals who are under the age of 55, further showing that millennials might be starting to look at their future options more closely.
This year especially has had a lot going on that would support a reflection on anyone's living situation.
More people are working from home and even spending less of their leisure time going out anywhere.
That point was also made apparent in the survey, with 44% of Canadians saying that they wanted to live in a home with more space so that they could have amenities like a pool, a backyard, or a deck.
This desire for a change in living situations is continuing to drive the market in what could have been a slower year, with RE/MAX predicting a 4.6% increase in residential prices in 2020, compared to their anticipated rise of 3.7% from 2019.
"Many homebuyers are now exploring different neighbourhoods that better suit their new lifestyles, and real estate agents are getting busier and working more with buyers from different major cities," Elton Ash, Regional Executive Vice President for RE/MAX of Western Canada said in a statement.
Leaving the city for a more suburban area might be a good choice, as there are mini-mansions for sale across the country at affordable prices.