10 Unusual Real Estate Trends That Are a Result of the Pandemic

The pandemic has irrevocably changed our lives in just about every way: as we leave the house, we don’t just check that we have our keys and wallet but now we also check that we have our mask. We shop online, work and go to school and even get married over Zoom, go on road trips instead of getting onto a crowded plane to visit a crowded place on the other side of the world. It’s also changed the real estate market. We spoke with Bernice Dubon, a Calgary-based realtor with RE/MAX, to get some insight into unusual real estate trends that are a result of the pandemic. Here’s what we found.

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The Market Has Boomed

You’d expect that as people got furloughed or were uncertain about their employment future, they’d hold back on big purchases. So, the fact that the real estate market has boomed caught everyone by surprise. Demand far exceeds supply, so it’s currently a seller’s market.

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More People Are Buying Homes Online

More and more millennials are buying homes and it’s not just the the things they want in a home that are important but also the ways in which they can seal the deal. One of these is that they want to see pictures online. The pandemic has forced realtors like Bernice to work on ways to serve their clients virtually. As Bernice says, “Video and an online presence has always been a big part of my business but now I had to make sure people could view homes from their own homes as much as possible.”

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The Biggest Demand is for Entry-level Single-family Detached Homes

The type of home that has seen the biggest surge in demand – and price – is the single-family detached home because people want a backyard. Other reasons that make this an attractive option include single ownership, no condo fees, more space, parking and a basement. Bernice says that in Calgary, the most in-demand properties have been entry-level detached homes in the suburbs or in communities just outside of the city.

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People Are Buying or Renting for Their Dogs

As people were trying to make it through lockdown, pet rescues saw a surge in adoption rates. Dogs have given people an excuse to get out to the dog park and feel less isolated. The result of all these new pet owners is that people are looking for a place they can keep a dog. According to Bernice, this means a fenced backyard or a condo or rental that allows pets. So, if you’re looking for good renters, consider puppy-proofing renos.

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People Want to Have Home Gyms

Bernice says that homeowners who already have single-family detached homes and are looking to upgrade are looking for homes with a gym or at least a room they can turn into a gym. It’s even better if it’s next to a bathroom with a shower. This way, they don’t have to share equipment and public change rooms.

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Apartment Buyers Prefer Main-floor Apartments

Bernice says that before the pandemic, the most common question prospective apartment buyers would ask was, “What floor is it on?” No one wanted a main-floor apartment because everybody wanted the views, less noise and extra security higher up. Now, buyers prefer main-floor apartments and the surprising – or maybe not so surprising during a pandemic – reason is that they don’t want to share an elevator.

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Row Houses Have Seen Record Sales

According to Bernice, people are looking for more self-contained housing than apartments but that means having to budget for a much higher purchase price. The solution? Row houses, where you don’t have to share common areas like lobbies and elevators with others but that are still affordable. These have seen record sales.

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Downtown Condo Prices Depreciated

One of the things expected from the Canadian real estate market in 2021 was that Canadian buyers would keep the market afloat. So far, the exception has been the market for downtown condos, where in some cities, downtown condo prices have depreciated. Now magazine says that traditionally, new immigrant populations drive appreciation of prices downtown but the pandemic has brought less immigration, while younger people with lower incomes – the other group normally opting for condos – have been hard hit financially.

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The Youth Housing Crisis Has Deepened

Even before the pandemic, young people were saying that they could never afford a home of their own in Toronto or Vancouver. With the pandemic, other major cities also saw a surge in housing prices. According to Vice, young people are paying more than 40 percent of their disposable income on rent and will never be able to afford their own home. Their growing financial insecurity means income inequality will deepen without intervention policies.

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Snowbirds Are Upsizing

In recent years, retirees downsized their homes and became snowbirds, spending winters in warmer climes. With border closures during the pandemic, they couldn’t do that anymore and they were cooped up in close quarters with their partners for longer than anticipated. Bernice says that this prompted retired couples to come to her, looking to upsize to larger homes like detached or villa-style bungalows.