The COVID-19 has caused a massive impact on the fabric of society in our Markham area and worldwide. The spread of the virus has caused us to shut our doors at home and watch non-essential services remain closed until public spaces feel safe again. While our community is undergoing this temporary shutdown, you still have the option to change your home setting by selling or buying.
Like other industries, the real estate market looks quite different than it did a year ago. New trends in housing have developed to adapt to the conditions of the pandemic. Now that we’re required to spend more time in our homes, certain home features are more desirable, design styles have changed, and the buying and selling process has been modernized to keep you safe when scoping the market.
Here is how COVID-19 has sparked new housing trends:
Borrowing Rates Are Lower Than Ever Before
The recent provincial lockdowns have caused many people to lose their income or profits as business owners. Because a wide selection of residents in Markham, the GTA, Ontario, and across the country have been hit financially by the pandemic, mortgage lenders have lowered their interest rates to make home-buying more affordable and achievable during these times. This is expected to remain through the second wave and potentially for years to come.
Low Rise Homes are More Desirable Than Highrises
Now that we’ve been directed to remain in our homes and limit our movement for just essential trips, you may notice yourself feeling cramped. This is especially the case for people living in small condos, who have little space to get fresh air without leaving their unit and don’t have room to establish their work-from-home office. Recently houses, townhomes, and semis are becoming more desirable on the Markham real estate market. Recent buyers are more commonly looking for homes with extra space to roam, including an office area for remote working and a yard for a sense of freedom.
Central Living is No Longer Necessary
Because more people are working remotely to prevent the potential virus spread, a central location is no longer as necessary as it used to be. Buyers are not concerned about being near a transit line or having a short drive to work because they’re currently not required to go into work, and working from home could become a new long term condition in certain industries. This is why you may have a higher than expected chance of selling your home in the Markham suburbs or outskirts, so don’t hesitate to hit the market!
To help you navigate the constantly changing Markham real estate market these days, you can count on an expert like Martin MacFarlane. He will guide you through your buying or selling process and inform you of recent trends that could positively impact your real estate experience. To learn more, contact him today.