One third of Canadians would choose living in suburbs over urban centres

During the peak of COVID-19 pandemic, Canada’s housing market almost stopped. However, the combination of current strong demand, lack of supply and historically low mortgage rates have led to further prices growth.

A recent poll by Remax Reality expects real estate prices to go up by 4.6% in 2020. In case of Ontario, a possible hike is 5%.

Condo prices remain unchanged, while the sales are falling. According to Remax, today buyers are willing to pay for detached houses. People want their own yard, a little more space for a home office and a possibility to relax outside safely.

More people are working from home, and this trend may continue. It allows them to live outside the city.

The poll shows that 32% of Canadians don’t want to live in urban centres. They would prefer suburbs or small towns.

In addition to it, 48% of respondents would like to live closer to green spaces and the same share wants to live near hospitals and clinics.

It turns out 33% of Canadians want more square footage, and 44% want more outdoor space.

There’s a possibility that a second wave of COVID-19 may lead to one more lockdown. If this happens, we’ll see even stronger prices increase in the sector of cottages and recreational properties.