The suburbs and secondary home markets proved to be winners in the game of real estate this year and it has much to do with our current economic status & of course, the pandemic.
The downtown core has changed faces and what was once known as a lively and colourful canvas, now depicts a state of loneliness of sorts. With closings of restaurants and limited contact with other amenities, there remains less of an urge to be close to an animated nightlife or to be within walking distance to the office.
Working from home has now been extended for a longer duration, with companies incorporating this regimen into most of their available positions. This means less commuting and the thought of more space for an at home office – hence the need for a bigger home. This also includes the children who have had their classes merged into a “learn from home” environment. So, with everyone being at home, where is home?
The suburbs – a residential banlieue filled with families & greenspace. The need for more space coincides for the need for more land. Should we be stuck between four walls – shouldn’t our own backyard expose us to the elements and ground us? Shouldn’t we have a pool for the kids to swim in since vacations are less likely? In fact, the waiting list for pools/spas is quite extensive, along with the cost of lumber for DIY projects becoming extraordinary barbaric. This is why those who want to start a family or already have are leaning more into “suburbia”.
Neighbourhoods further outside of the normal suburban areas such as Hudson or St-Lazare, showed substantial growth as more buyers noticed they could achieve homeownership by going off-island and getting more house for their buck. An entire bucket-list could be checked off, without worrying about the commute to work.
Waterfronts regained their popularity, amidst the madness of the floods in recent years. The panic seems to have subdued as more buyers are searching for more of a lifestyle to cater to their family activities. This also explains the phenomena of homes selling out in record time, in areas such as the Eastern Townships and St-Sauveur. Chalets have now become more of a necessity, again to adhere to a lifestyle change.
The market has taken quite a turn and of course as we adhered to this change, we welcomed our client’s needs with open arms as we tried to help them fulfill their new way of life. This time has also allowed our own Canadian dwellers to purchase without the added pressure from foreign buyers.
With no crystal ball in hand, the current status of our economy and the real estate market continues to showcase the thought process that provoke the decision makers – which won’t change unless other worldly factors adjust as well. Purchasers are still trying to make an investment on the most space that can be acquired and the potential of the home itself.
Just a few weeks ago an offer was put in for a client in Notre-Dame-de-l’Ile-Perrot, where nearly 30 offers were received. This only proves, many are still looking to the suburbs to escape the potential hustle and bustle that could make a comeback or the lonely streets of the city’s inner core.