Residential Real Estate Trends in 2021 Influenced by Work-from-home
Friday Nov 27th, 2020Share
Almost nine months in the still ongoing pandemic, working from home has become a welcome and implemented solution for most surviving businesses. These businesses are continuing because they have incorporated remote work in their long-term plans for their companies. Employees are finding ways to create their own little office space in their residences. These employees are either a potential home seller or buyer who has to rethink on what kind of home they have or want to have. This article discusses the impact of this work arrangement on potential home buyers and sellers in 2021.
Bigger and Greener Spaces
In terms of home buying, the predicted trend for 2021 shows a preference to outside of large cities for more square footage and green spaces. In a survey conducted by Leger, “32 per cent of Canadians no longer want to live in large urban centres” are people under 55+. This can mean the suburban or outside urbanized areas home sellers can have more interest in their listings.
More Amenities, The Better
With more time spent at home, more home buyers are gravitating towards listings that have more amenities to enjoy home life after remote work hours. “44 per cent of Canadians want a home with more outdoor space and personal amenities (i.e. balcony, pool etc.)” based on the 2020 Fall Canadian Market Outlook Report Survey.
Convenient & Nearby Amenities communities
Condos and rental home buyers are now looking into properties that are close to amenities, about 10-15 minutes radius walk from their potential unit. A connected community is also an emphasized factor. It is a potentially achievable goal with the Transit-Oriented Communities Act of Ontario can facilitate.
These are some of the key trends that are influenced by work-from-home arrangements. With the COVID-19 pandemic still lingering, people are rethinking the safest and practical way to continue their home life. Either they are looking for a better residence or deciding to put their house for sale to factor in their remote work routine.
If you are looking to sell in Spring 2021, contact JoAnn Visaretis so you can talk about the best move to either sell your house to fit your new working set up or buy a new home to balance your work-life needs.