Among the seismic shifts the pandemic has spurred across the Canadian economy, few are as profound as those that have rocked Canadian real estate. The battle to control the spread of COVID-19 has not only altered how and where Canadians work, but also led many to question where and how they want to live. Rural and suburban areas that once lagged desirable city addresses are now roaring hot as homebuyers wearied by lockdowns seek bigger yards and larger living spaces. Tight downtown condo markets that previously commanded expensive rents are now thick with supply. And the flow of immigrants that typically fuel demand for housing of all types has slowed to a trickle. In just months, the landscape of Canadian real estate has been shaken to its core. Whether the changes are permanent or transitory is an open question, but one thing is certain, 2020 has been a year like no other for Canadian housing markets. Here we look at seven ways COVID-19 has affected housing.<\/p>\n
Lockdown orders sent a shock through the housing market in March, suspending open houses and flat-lining sales during what is typically a high season for the market. Spring activity wasn’t lost though. As social distancing restrictions were relaxed in the summer, the market sprang back to life. This led to record-high activity over the July-September period. Pent-up demand was largely exhausted by September and we expect a return to more normal levels later this fall.<\/p>\n