Migration Out of Cities Expected to Continue through 2021, Affecting CDN Real Estate Market

Published March 29, 2021 by Real Estate Leads

The new life realities that have been created by the Pandemic have been profound for a lot of people, and many are finding that they’re inclined to re-evaluate a lot of life and career priorities. Among the different outcomes this is creating is a desire for ever greater numbers of people to move out the cities and into more rural areas of the country. That could be because they’re now able to work remotely, or it may be that they see the need for more space for their family given how much time is needed to be spent at home.

What this means is that homes in these smaller communities are much more in demand than they were at any time in the past. Some towns in particular have seen demand for homes that they’ve never seen in their history, and these homes are selling for much more than the would be otherwise as a result. All of this is obviously a boon for real estate agents who live and work in these areas of the country, and it may be a great time to consider our online real estate lead generation system here at Real Estate Leads.

People who might not think about putting their home on the market in an ordinary situation may be now considering it, so it’s easy to understand how being put in touch with them first could be very much to your benefit.

And if industry experts are correct, the opportunity for realtors in smaller locales isn’t going away anytime soon. They’re saying that this large-scale exodus from the big cities is not only going to continue, but it may even pick up steam before the end of the year.

Willing to Go, and Now Able to Go

A recent poll of homeowners across Canada found that 59% of those surveyed said homes in their area are unaffordable. Given that the approximate budget max of $445,237 for most would-be buyers but a mean price of $603,000 for a home in Canada late last year, local affordability is becoming less and less conceivable for so many people if they remain where they are.

The big and small of a lot of this is that people aren’t expecting a downturn in the market, and finding affordability has meant looking outside of their areas and considering moving elsewhere for a long time now. Only now, for a large number of qualified buyers that’s actually doable now.

We can also see that functionality is driving people’s decisions to move into larger homes, and especially if there’s another lockdown looming we may well see yet another flurry of activity in the housing market this year.

More people who need separate spaces to work and for their children to learn are going to be open to looking for homes in areas of the country that they wouldn’t have considered before. Add to that supply and demand issues forcing people to look outside of their general areas, and this really is creating a very good opportunity for realtors who live and work outside of big city Canada.

National housing trends are similarly showing that Canadians aren’t done buying homes yet, and an RBC (Royal Bank) poll revealed that 80% of respondents see home ownership as a solid investment. In addition, 59% reported that the COVID-19 pandemic hadn’t put them in financial straits as it has for others and their ability to be qualified homebuyers isn’t impinged at all as we enter the 2nd year of COVID in Canada.

Here are some other interesting findings from the survey that support the idea that the market will stay strong in Canada and that smaller cities and towns are set to see home prices rise in their locale:

  • 52% of Canadians expect home values to keep rising
  • The pandemic lead to 55% of respondents changing their spending and savings habits
  • 85% are still able to pay their bills and 47% disagree that it is harder to save money now than before the pandemic

Realtors in smaller town Canada and also in satellite cities around big cities can be enthusiastic about the possibility of enjoying more business these times, and if you’re one of them you’re encouraged to double up your promotion and visibility efforts accordingly.

__ Sign up for Real Estate Leads here and receive a monthly quota of qualified, online-generated buyer and / or seller leads that are delivered to one realtor only – you. No other realtor will receive these same leads, and they’ll be for people in your city or town who have shown themselves to be genuinely ready to make a move in the real estate market. What you’ll have is the opportunity to be in touch with them first and impress upon them the fact that you are the best real estate buying and selling professional to assist them with their home sale or purchase.