At the beginning of 2021, 32% of Canadian workers aged 15 to 69 worked the majority of their hours from home.
In 2016, that number was only 4%, according to Stats Canada.
Though some believe that the changes to our working styles are permanent, it’s likely that we’ll see somewhat of a return to work for many employees if COVID-19 cases fall and remain relatively low.
There are many ways the real estate market could react to more and more Canadians returning to work.
Here’s a look at some of the potential changes we could see take place over the coming months and years.
1. Renters could return to city centres
The return to work in major city centres is likely to draw more renters back to downtowns across the country. At REW.ca, B.C.’s largest home search platform, search data reveals that rental searches in the City of Vancouver were up 40% month over month in July 2021, and up 35% in Toronto. These search habits could indicate that more renters will return to major cities this fall.
Few major North American cities have built more apartment units per capita in the last decade than in Canada’s three largest metropolitan areas, and with softening rental markets, inventory shouldn’t be a problem.
Another potential situation that could be unfolding is the return of more renters to areas near post-secondary institutions. Remote learning will continue to be the preferred method of education across the country for the remainder of the year, but should the return to the office prove to be successful this fall, the return to school could be next.
2. More renters lead to more investors
As renters return to city centres, expect investors to follow. Single-family detached home inventory is scarce, but investors currently have more options in the Canadian condo market.
Greater Vancouver condo prices pulled back slightly in July 2021, and are currently flat from where they were three years ago. With the Canadian market finally cooling after a peak in March 2021, sales of condos have consumed a rising share of the market.
More renters, more immigration, low interest rates and flat condo prices should continue to push investors off of the sidelines and into the resale market in several major Canadian cities. We’re already seeing investors jump into new developments at a high rate, as pre-builds have become an attractive option for those looking to secure today’s interest rates, among other reasons.
3. Work flexibility and the potential impact of semi-remote work
Though the inventory for detached homes and townhouses may be scarce, that doesn’t mean that the preference trends we’ve seen from buyers will drastically change with a semi-return to work.
For some, commuting two days per week will make a move to the suburbs more desirable, especially if their employer announces that a flex schedule will become permanent for their position. Expect people in this situation to continue to weigh the options of a move outside the city, where a down payment goes further per square foot than it would in a city centre.
With many workers returning to the office for just a few days a week to start, there will also be a continued interest in renters and buyers needing spaces with home offices. This is a change that new developers and those tackling renovations have paid close attention to, so expect the demand for home offices to be one of the trends brought on by the pandemic that is here to stay.
Whether it comes quickly or slowly, the return to work will no doubt have a significant impact on Canada’s real estate landscape for years to come. Renters, buyers, sellers, and investors will watch and adjust to the trends in kind, with changes in housing preferences likely to continue throughout the near future.
Justin Kerby is a columnist for REW.ca, Canada’s premier home search platform.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
