Union city downtown Markham.Low interest rates are pushing up house prices in Canada! Now more Canadians believe that low interest rates are actually the reason for the rise in house prices.Please Visit: Union city downtown Markham to Get Your VVIP Registration Today!
A recent survey by Zoocasa showed that 80.5% of respondents believed that low interest rates were driving up house prices, up from 32.8% in February.
In addition, 47% of respondents believe that lower mortgage rates increase the affordability of home buyers.
When asked what prevented respondents from buying a house, 78% of respondents said they could not afford to buy a house, while 70% believed that the market was very good for sellers and was unwilling to participate in the bidding war.
In addition, as more and more workplaces begin to open and more and more people return to the office, those who seek to buy a house no longer pursue home office space. The survey found that 43% of respondents listed office space as an ideal feature of their homes, down 16% from before it was unsealed.
The Zoocasa investigation report points out that the epidemic and the resulting school and economic blockade is a unique period for the Canadian real estate market. When people stay indoors under the order of home, the concept of home is not only the roof above our heads, but also extends to workplaces, schools, exercise spaces and entertainment centers.
This has driven unprecedented sales and price growth. National sales soared 235 per cent between April 2020 and March 2021, pushing up average house prices by 44 per cent, according to the Canadian Real Estate Association (CREA). New buying trends have emerged in a closed lifestyle, such as the desire for home office space, green space and delivery services. As more and more people work remotely, the demand for housing in small cities and towns is surging.
However, now that the blockade measures across Canada have been basically lifted, it is clear that these epidemic-driven trends are beginning to turn. July CREA data showed that sales were lower than a year earlier, and house price growth began to slow month-on-month, significantly reducing buyers’ sense of urgency. With the reopening of the economy and society, Canadians’ view of real estate has also changed.
Zoocasa surveyed more than 1400 respondents to understand their preferences for ideal residential features, housing affordability and working from home after unsealing.
According to the survey, Canadians are more likely to feel that house prices in suburbs and small towns have risen to unsustainable levels; 77.2% of respondents agreed, an increase of 25.4% over February 2021.