The coming in of 2020 has brought in a lot of changes. Ever since the year arrived, it is necessary to know that a lot has happened. The countries were shut down due to the Coronavirus outbreak. Both small and large businesses have suffered excessively due to this. However, the real estate industry still has seen gradual growth.
Every year brings in a new trend, and 2020 too, brought about huge change estimations. The trends, however, seemed to change because of the COVID-19 outbreak. With the increase in the Canadian population, the real estate trends have changed too. It is essential to note each of these changes for a better idea.
Some of the prominent trends and changes brought in by 2020 include the following.
- Revisiting the stress test
The increase in mortgage interest rates over the years had prevented buyers from investing in real estate. As a result, it is being expected that the buyers will return to the field depending on regions. The mortgage stress rate, as per experts, will play an important role in lowering the price increase. It is better to opt for a regional stress mortgage rate approach to make the most out of it. The Canadian real estate industry expects massive changes in the stress test. The sideline buyers are expected to take the front seat.
- Increase in home prices
The real estate industry has already suffered a lot due to the coronavirus breakout. However, it is being expected to bring back the economy to a sufficient level; the home buyers will see a modest increase in the price of the properties. The properties de luxe a Montreal may observe a rise in property up to 3.7% for the revival of the market loss. The real estate agents are estimating that potential buyers are moving away from the city life to countries as the price of the properties are significantly less.
- Less demand for single-family houses
The single-family houses have been in trend for a long time, but with the coming of time, the demands tend to get less. The lack of move-up buyers has had an impact on the single-family houses.
Compared to apartments, the condos are pretty affordable. As a result, more people are opting for larger condo suites for better living. The condos have seen massive advancement in features such as parks, daycare, and more that is eventually suiting the needs of the buyers. Thus, more and more buyers are showing their interest in condos.