Page 25 - REN_May-June 2021

Sellers can expect serious buyers
With the pandemic keeping us all inside, Morrison explains that buyers are more serious about making an offer than
in previous years. For sellers, this means a ban on open houses in many parts of the country and the implementation
of physical distancing restrictions could draw in fewer casual purchasers.
“Especially because of COVID-19, the only reason you’re out looking for a property right now is because you actually
want to move,” said Morrison. “There are no more open houses [in Toronto], there aren’t any looky-loos. People who
want to move are serious.”
Dinani explains that the Vancouver market has recently been driven by local buyers, some of whom are in the younger
purchaser demographics. Millennial buyers anticipate that prices will rise across the next two years, motivating those
who haven’t purchased to do so within the next 24 months, he said.
“These Millennials are very sophisticated and are looking at what it costs for them to rent, and now with interest rates
that we’ve never seen in our lifetime, they’re doing [a] very close analysis,” said Dinani. “Owning is very similar in terms
of monthly borrowing costs to renting.”
In 2021, we could start to see offices reopening on a part-time basis. For some buyers who relocated to rural or remote
areas, this could prompt them to buy a pied-à-terre condo in the city, which will help to cut down on commuting
times, says Morrison.
“The smaller condos that weren’t selling last year, [buyers are] now going to have to buy something so they have a
place to stay during the week when they’re going to be working because they’re not going to commute two hours
each way to get into the office,” she said.
Private outdoor spaces, larger interiors, and room for working from home were high on the priority list for buyers in
2020. This year, the pandemic will likely continue to influence these preferences among buyers who will still need to
spend a significant amount of time at home, Morrison says. Space for a desk or a full-fledged home office is one of the
most coveted home features, she explains, among both renters and home buyers.
“Now that we’ve suffered this year of lockdown, you wonder what’s next. Could this possibly happen again in the
future? And if it does, [buyers] want some outdoor space,” said Morrison.
If you’re thinking about buying or selling a property in 2021, recruit the help of an experienced REALTOR® who can
help guide you through current market conditions and trends. g

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