{"id":777,"date":"2020-09-28T01:39:00","date_gmt":"2020-09-28T01:39:00","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=777"},"modified":"2023-09-26T16:22:25","modified_gmt":"2023-09-26T16:22:25","slug":"home-seller-interests-shift-with-new-covid-realities-in-canadas-big-cities","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/home-seller-interests-shift-with-new-covid-realities-in-canadas-big-cities\/","title":{"rendered":"Home Seller Interests Shift with New COVID Realities in Canada\u2019s Big Cities"},"content":{"rendered":"
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Change is constant in nearly everything in life, and even though the real estate industry in Canada can be a real rollercoaster it\u2019s the way it needs to be to ensure continuing volatility. Being tied to the economic prosperity of the country and those who work hard enough within it to be homeowners is never going to change, but here in the middle of 2020 we\u2019re seeing how a virus can produce wholesale shifts in the buyer and seller prerogatives of people who are active in the real estate market.<\/p>\r\n\r\n\r\n\r\n

Much has already been made of the way the condo market in places like Vancouver and Toronto has really sagged over the last half a year. There\u2019s a whole lot of factors going into that, and the good news is that we\u2019re already seeing how lower prices on new condominiums resulting from overstretched investor buyers is creating a first time homebuyer benefit for people who DO want to live in the city.<\/p>\r\n\r\n\r\n\r\n

Now of course being on top of these trends and all the ripples that come with them is part of what makes for a good and knowledgeable real estate agent, and ones who are new to real estate in Canada might have more of a reason to focus their efforts on the condo market if they are working in the major metro areas. That may be the smart move given what we\u2019re seeing with dropping condo prices making more young people into potential buyers.<\/p>\r\n\r\n\r\n\r\n

What\u2019s also always a smart move is taking advantage of anything that creates the opportunity for you to grow your client base. Here at Real Estate Leads, our online real estate lead generation system for Canadian realtors is an excellent way to put the power on Internet marketing to work for you to put you more directly in touch with home buyers and sellers who are genuinely considering making a move in the local real estate market.<\/p>\r\n\r\n\r\n\r\n

But back to topic \u2013 it\u2019s important to look at this condo surplus \/ lower prices trends from a bigger-picture perspective, so let\u2019s do that.<\/p>\r\n\r\n\r\n\r\n

Increased Premium on Space<\/strong><\/h3>\r\n\r\n\r\n\r\n

On the things the pandemic lockdown made clear for many people is that being in 600 or so square feet for extended periods of time can really put your mental wellness to the test. Another aspect that\u2019s souring people on condo living downtown is the way these areas are increasingly dirty, congested, and crippled with increasingly criminal activity following decades of a \u2018soft on crime\u2019 model as created by successive federal governments.<\/p>\r\n\r\n\r\n\r\n

Many people are not speaking to a real estate agent about making a move to more suburban areas where they can have some space and perhaps even a yard or rooftop patio \u2013 if they can afford to do that. Typically that\u2019s been increasingly possible as good numbers of people who owned these properties in the \u2018burbs \u2018downsized\u2019 once they retired and made some money selling the home and moving into the condo just the two of them.<\/p>\r\n\r\n\r\n\r\n

Long story short, that\u2019s not happening as much as it used to, as people put off selling their detached home or townhome for two reasons:<\/p>\r\n\r\n\r\n\r\n

    \r\n
  1. The market being down overall due to the COVID freeze that has yet to thaw entirely, with many apprehensive buyers and others who can\u2019t afford the prices these owners would like to get for their homes. It\u2019s entirely natural for homeowners to postpone putting their home on the market until it\u2019s more favourable for them.<\/li>\r\n
  2. These same folks who HAVE yards and space are now hesitant to trade that in for a box in the sky if these sorts of measures are going to become commonplace in the future. They have a new found appreciation for the space their current home affords them, and they\u2019re not going to be convinced to part with that in the interest of making some profit and downsizing to a smaller place quite like they used to consider it.<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

    Now to be fair the effect of this can go both ways depending on other market factors contributing. Around larger urban areas it may be that some detached homes or townhomes that ARE put on the market will be able to get asking price based on simply demand far exceeding supply.<\/p>\r\n\r\n\r\n\r\n

    In other areas of the country, however, it\u2019s not likely to be the same. The \u2018downsizing\u2019 segment of the market isn\u2019t going to be as affected, but then again in these areas these same people likely won\u2019t be downsizing to condos and the like the same way \u2013 because there are few of them to begin with!<\/p>\r\n\r\n\r\n\r\n

    Likely Long-Term Trend<\/strong><\/h3>\r\n\r\n\r\n\r\n

    While we can look forward to the Global Pandemic and everything that\u2019s associated with it eventually passing, there have been a number of social scientists who say the way it\u2019s changed people\u2019s thinking is probably here to stay. People are seeing the appeal of getting out of cities like never before, and while that\u2019s great for realtors in rural areas of Canada and to a lesser extent in \u2018satellite\u2019 cities, it\u2019s not as good for those working in metro areas.<\/p>\r\n\r\n\r\n\r\n

    Sure, more condos will sell but they may well sell for way less than they would have a year ago, and then there\u2019s the fact that a lot of condo owners who would sell after buying the homes of \u2018downsizers\u2019 won\u2019t have the opportunity to do so because those owners aren\u2019t selling.<\/p>\r\n\r\n\r\n\r\n

    Sign up for Real Estate Leads here<\/a> and receive a monthly quota of qualified, online generated buyer and \/ or seller leads that are delivered to one realtor only \u2013 you. Yes, these leads will be for the region of any city or town in Canada where you\u2019re working as a realtor, and again you\u2019ll be the only one who receives them. From there you have the opportunity to be in touch with these prospective clients first and impress them with your knowledge of the local market and all-round real estate expertise. It\u2019s an excellent way to supercharge your client prospecting efforts, and it\u2019s highly recommended with the competitive nature of the real estate business in Canada.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

    Change is constant in nearly everything in life, and even though the real estate industry in Canada can be a real rollercoaster it\u2019s the way it needs to be to ensure continuing volatility. Being tied to the economic prosperity of the country and those who work hard enough within it to be homeowners is never […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-777","post","type-post","status-publish","format-standard","hentry","category-general-topics"],"yoast_head":"\nHome Seller Interests Shift with New COVID Realities in Canada\u2019s Big Cities - Real Estate Leads Blog<\/title>\n<meta name=\"description\" content=\"Home Seller Interests Shift with New COVID Realities in Canada\u2019s Big Cities - Real Estate Leads Blog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realestateleads.ca\/blog\/home-seller-interests-shift-with-new-covid-realities-in-canadas-big-cities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Seller Interests Shift with New COVID Realities in Canada\u2019s Big Cities - 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