Canadians House Hunting Outside Of Big Cities Is Already 2021's Biggest Real Estate Trend
As COVID-19 rages on in the north, it's no secret major Canadian cities are taking the biggest hit, which includes Quebec, Toronto and now Winnipeg.
So what are Canadians in these big cities doing? Well, they're moving.
In a report by PwC Canada and Emerging Trends in Real Estate, it looks like people are packing up and hitting the road to secure better residential residences across Canada.
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Why are Canadians moving away from major cities?
Canadians are apparently eyeing suburban areas in order to set up shop instead of largely populated cities like Toronto and Montreal.
The reason for the move? Cities are not only expensive but the seemingly never-ending COVID-19 pandemic and cases surging in these very cities have become too much to bear.
As a result, more Canadians have now begun the search for less expensive housing on the outskirts of dense cities.
That's mainly because remote jobs have made it easier for Canadians to live in suburban areas without commuting being an issue.
How is Canada's real estate market doing so well during COVID-19?
One person's loss is another person's victory it seems.
The real estate industry believes that the impact of COVID-19 has in fact pushed for a massive change in developers, sellers and buyers, according to the report.
The hot commodities come as people seek more space, among them, is buying homes or renting a space.
The needs will just increase more in 2021 as folks stay home for longer periods of time without the need or ability to travel.
"The coming year will be all about embracing opportunities to be resilient in the face of uncertainty, while shifting strategies in anticipation of market headwinds," Frank Magliocco, National Real Estate Leader, PwC Canada said.
What other spaces are Canadians looking for?
Residential spaces are just one of the many spaces Canadians are looking to get their hands on, the others are in fact a laundry list of commercial real estate that is largely impacted by COVID-19.
Office space
Although many Canadians have been out of the office for a large chunk of time, that has not stopped companies from wanting to secure office space in the event that they return.
According to a PwC Canada's survey from September, 37% of workers said they would like to work in their office.
Medical office space
Per the report, there is a growing need for physical space to provide care to patients and medical equipment.
Fulfillment centers
Fulfillment centres like warehouses, grocery stores, and online retail centres were deemed the most wanted in real estate, according to the report.
With COVID-19 pushing the already growth of the e-commerce sector, warehouses will require additional vast spaces to keep up with public demand, especially as a second wave looms over.