Page 5 - Real Estate Now_Jan-Feb 2021
P. 5
By Michelle McNally
Spending more time at home during the pandemic has led some homeowners
to reevaluate what they want most out of their properties.
ith work from home arrangements now commonplace, the desire for more privacy, extra space and easy
access to the outdoors have been major drivers behind the unprecedented levels of buying and selling
Wactivity in Canada’s housing markets since the early summer months.
In September, national home sales continued to break records. Home sales inched upwards by 0.9% from August, to
another all-time high for monthly sales, according to recent data published by the Canadian Real Estate Association
(CREA). Year-over-year, transactions increased by 45.6% , shattering the record for the month of September by a
margin of 20,000 transactions.
The national average home price outperformed its previous record for September, logging a 17.5% annual increase
to $604,000. This trend is heavily influenced by high-priced sales in the Greater Toronto Area and Greater Vancouver
regions. The MLS® Home Price Index also jumped by 1.3% month-to-month and 10.3% over the previous year.
While housing demand remains high across the board, Adil Dinani, founder and principal of the Vancouver-based
Dinani Group Real Estate Advisors at Royal LePage West Real Estate Services, has witnessed an uptick in interest
specifically for single-family housing.
“[In] the new environment that everyone is in, people are prioritizing what’s important to them in a home,” he said.
“We’ve seen a meaningful shift and a meaningful increase in the number of inquiries for our detached homes and
for our ground-oriented townhomes and garden-level condominiums.”
In July, Statistics Canada predicted the proliferation of remote work could shift demand from condo apartments to
single-family properties, which tend to offer more space. Dinani explains the need for home office space has certainly
changed—for buyers looking in the detached and townhome segment, a home office is imperative. Even for condo
seekers, there’s a need for additional space for working from home.
“In the short of it, yes, we are seeing a shift towards townhomes and detached homes, and that market is extremely
busy,” said Dinani.
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