Tag: Selling Real Estate

03.01.2021
The Open Space Trend May Be Taking a Shift
Market UpdatesThe open space trend may be taking a shift. In the past few years open airy space was what everyone wanted. Now, with almost a year of pandemic behind us and the amount of time we have all spent at home, both working and family time, some privacy and walls may be needed. This shift in needs may be permanent and may affect how homes are designed. It’s quite amazing how quickly the world has changed and how we have needed to adapt with it.

02.22.2021
Nothing is Stopping Buyers!
Market UpdatesNothing is stopping buyers – snow, pandemic, virus variant, vaccine shortages, lockdown. Buyers are still scrambling for houses and now even condos are starting to get multiple offers. Toronto keeps going up in value and so does cottage country. Maybe a new perspective for many – if we are going to spend so much time at home let’s make it comfortable. Pandemic may have highlighted the value of a home – its maybe something that we didn’t appreciate as much before. Home has become our safe place and for many their sanctuary.

02.08.2021
February blues are even bluer this year.
Market UpdatesEveryone is getting tired – February blues are even bluer this year. Despite all that this real estate market is forging ahead. Buyers are clamouring over listings and bidding wars are rampant. People seem to be focused on better living space as they are home so much and there is nothing else to do. “The comforts of home” are the little joys that we have to look forward to. We have to remember that spring is around the corner and the pandemic WILL end.

01.11.2021
Some housing predictions for 2021
Market UpdatesSome housing predictions for 2021. CIBC issued their weekly market update with some very interesting observations and predictions. The pandemic has resulted in job loss in the lower end of the job sector including services which is a major factor. The higher end job sector has for the most part not been impacted, people spent less hence they saved money plus interest rates are very low. They need and want more space and have created demand in the higher end market. On the other hand, the demand for less expensive houses is less due to economy. Hence in Toronto, the more expensive houses have escalated faster than the less expensive ones. So if you are a mover upper the house that you are buying is rising faster than your house. This will impact the trajectory for the market this year. Vancouver on the other hand which is heavily influenced by foreign investment in the more expensive houses has the reverse effect. This is shown in the graphs below.
In general the prediction is that real estate will be strong this year, particularly spring and moving forward. We are bracing for a busy year.
CIBC WEEKLY MARKET UPDATE & 2021 FORECAST – LIGHT AT THE END OF THE COVID TUNNEL Benjamin Tal Deputy Chief Economist, CIBC Capital Markets