Spending more time at home during the pandemic has led some homeowners to re-evaluate what they want most out of their properties.
With 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 activity in Canada’s housing markets since the early summer months.
While housing demand remains high across the board, we’ve witnessed an uptick in interest specifically for single-family housing.
With the new environment that everyone is in, people are prioritizing what’s important to them in a home, 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. 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, there’s been a shift towards townhomes and detached homes, and that market is extremely busy.
As city office towers remain quiet, many buyers who previously needed to live closer to urban centers for work-related reasons have geographically altered their home search. So long as the home meets their requirements, Vancouver buyers in particular have been setting their sights east of the city.
High-rise condo towers with shared elevators and closed amenities have prompted buyers to seek out detached homes offering additional privacy and personal utilities. The backyard, has become a highly-coveted feature. In most home searches, even if a backyard is not available, some form of outdoor space is critical.
Buyer preferences also play a role in what home features are the most attractive.
If it’s a couple and they’re both working professionals, the office is pertinent for them to get utility from the space because if they’re working from home, they need a space to do that, If it’s a couple with a child, an outdoor space or a backyard becomes super important.
I think now that we’re seeing some softness in that market savvy folks are looking at the potential opportunity. Of course, everything has to align- It has to be the right building & right location. If all of those factors align, we are still seeing demand on well-priced product. It’s just not the same as we were experiencing previously.
If you’re looking to make the switch from condo to detached-home living, enlist the help of a Pilon Real Estate Group Agent who can help you decide which option best suits your lifestyle.
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