{"id":17227,"date":"2021-02-01T15:15:00","date_gmt":"2021-02-01T23:15:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17227"},"modified":"2021-01-14T13:05:37","modified_gmt":"2021-01-14T21:05:37","slug":"migration-out-of-cities-for-larger-home-continue","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/02\/migration-out-of-cities-for-larger-home-continue\/","title":{"rendered":"Migration Out of Cities for Larger Home Continue"},"content":{"rendered":"<p style=\"text-align: justify;\">A trend that began last year in which Canadians moved further afield is showing no signs of abating.<\/p>\n<p style=\"text-align: justify;\">According to an RBC poll, 59% of those surveyed said homes in their area are unaffordable, and with an average national budget of $445,237\u2014the mean price of a Canadian home was $603,000 in November, reported the Canadian Real Estate Association\u2014 45% of respondents would have to leave their cities for a larger home.<\/p>\n<p style=\"text-align: justify;\">\u201cDuring the last couple of months, I\u2019ve seen more interest on the buy side from folks looking to get pre-approved and start shopping,\u201d said Daniel Johanis, principal broker of Pekoe Mortgages. \u201cPeople aren\u2019t exactly expecting a downturn in the market, and when they look for affordability they have to look outside of their areas and consider moving elsewhere.\u201d<\/p>\n<p style=\"text-align: justify;\">Johanis added that functionality is driving people\u2019s decisions to move into larger homes, and with another lockdown looming, he anticipates a flurry of activity in the housing market this year.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re in our second major lockdown in Ontario and folks have to stay in homes where two people need separate spaces to work and for their children to learn. However, there are supply and demand issues that are forcing people to look outside of their general areas, and I\u2019m seeing strong interest for detached homes.\u201d<\/p>\n<p style=\"text-align: justify;\">National housing trends indicate that Canadians aren\u2019t done buying homes yet, and if there was any doubt, RBC\u2019s poll revealed that 80% of respondents think homeownership is a solid investment. Moreover, 59% reported that the COVID-19 pandemic hadn\u2019t put them in financial straits.<\/p>\n<p style=\"text-align: justify;\">Additional survey results : 52% of Canadians expect home values to keep rising; the pandemic impelled 55% of respondents to change their spending and savings habits; 85% are still able to pay their bills; 47% don\u2019t believe it\u2019s harder to save money now than before the pandemic; and 54% are confident better times are just around the corner.<\/p>\n<p style=\"text-align: justify;\">\u201cMany Canadians continue to be financially resilient in the face of the pandemic, and this has carried over into the real estate market,\u201d said Amit Sahasrabudhe, vice-president of home equity financing, products and acquisitions at RBC. \u201cSeen as a pillar of stability, Canadians continue to view homeownership as a worthwhile pursuit and are willing to shift their priorities in order to find affordable properties within their budget.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/migration-out-of-cities-could-continue-through-2021-334447.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Migration Out of Cities Could Continue Through 2021<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A trend that began last year in which Canadians moved further afield is showing no signs of abating. According to an RBC poll, 59% of those surveyed said homes in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/02\/migration-out-of-cities-for-larger-home-continue\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-17227","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Migration Out of Cities for Larger Home Continue &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/02\/migration-out-of-cities-for-larger-home-continue\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Migration Out of Cities for Larger Home Continue &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A trend that began last year in which Canadians moved further afield is showing no signs of abating. 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