2021 will remain a seller’s market: experts
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“We’ve seen a lot of anecdotal evidence since the summer that households are considering significant lifestyle changes by relocating to less-dense cities and neighbourhoods,” says Christopher Alexander, executive vice president and regional director of Ontario-Atlantic Canada. “This has sparked unprecedented sales this year in suburban and rural parts of Canada and we expect this trend to continue in 2021.”
Despite the disruption of the virus, consumers are feeling optimistic, according to a Leger survey conducted on behalf of Re/Max, with 52 per cent of Canadians eyeing real estate as one of the best investment options in 2021 and expressing confidence that the Canadian housing market will remain steady next year.
PropertyGuys.com co-founder and lead market analyst Walter Melanson has compiled a list of trends he predicts will define the 2021 real estate market:
1. Virtual will become a reality. Virtual tours, robust online dashboards, direct messaging and even virtual renovations will be commonplace. Open houses and in-person meetings may even be a thing of the past altogether, with scheduled private showings reserved for serious buyers only. “A few years ago, we began promoting remote signings,” he says. “That’s gone from a ‘nice to have’ to a ‘need to have’ and might be here to stay.”
2. Moving out of the city. With remote work expected to continue even after the pandemic, people will continue to broaden their search for real estate, which has already taken many out of the city to undervalued markets. “People may end up moving to places they would have never dreamed of one year ago,” says Melanson. In some cases, people are downsizing to one property only, such as living at their cottage instead of owning a detached property and a vacation home.