November 5, 2020 • Selling
Market Trends: Fall 2020
By Kate Barker
A look at market trends for fall 2020.
With the sudden onset of the pandemic this spring, housing markets stalled as people adapted to their new realities. Throughout the summer, however, the market rebounded with a new kind of focus: people looking for places where they can actually enjoy staying at home.
There is a growing trend of homebuyers looking for suburban and rural homes, and a general trend of people wanting to get out of the city. A survey by Leger, conducted on behalf of RE/MAX Canada, found that 32% of Canadians no longer wanted to live in large urban centres. This was especially noticeable amongst participants under the age of 55. In addition to moving away from urban centres, 44% of Canadians surveyed were looking for a home with more space, and more personal amenities. Some popular choices were pools, balconies and a large yard. Survey participants were also looking for access to the natural world, with 48% saying they wanted to love closer to green spaces.
These trends are likely a direct result of the early lockdowns of the pandemic and the subsequent change in people’s behaviour as everyone stayed in place. Now, people are spending more time in their homes and they’re utilizing their space in different ways, including designing permanent home offices and finding additional space for at-home recreation. With many companies continuing their remote-work policies, there is less need to live in a dense urban centre because there is less need to be close to the office.
The homes in Canmore, Banff and the surrounding communities are perfectly suited to these new home buying trends. With typically large homes, access to some of the best outdoor trails in the world, and small town, tight-knit communities, mountain living has never looked so good. This is a great time to buy into the mountain market, but it could also be a good time to sell. If you’ve been thinking of selling your house, this may be a good time to talk to your real estate agent about cashing in on these fall housing trends.