2020 was a wild year for real estate, from paused showings and sales, to hot markets in metro-area suburbs. As we all welcome the New Year, let us take a closer look at what the Canadian Real Estate Market will look like in 2021!
Condo Recovery
The condo market will pick up by 2021 Q2. Developers reduced pricing during COVID, so buyers will see an opportunity to purchase.
Flexible Leasing
Flexibility in lease terms will continue. 5-10% of multifamily buildings in urban areas will support short-term rentals to combat a tough lease-up environment.
Inventory
Inventory is currently very low because of economic uncertainty. While demand remains strong, supply will rise slowing price appreciation.
Vacation Home Purchases
After busy markets in vacation communities in 2020, more vacation home purchases and the rise of co-primary residences are predicted for 2021.
Increasing Foreign Interest
Foreign investment will return in 2021 along with the continued opening of new developments. This renewed interest provides a market for smaller units.
Virtual Communications
The use of virtual leasing and communication tools will continue to expand. This will also include virtual resident engagement.