I read an article today about how many are discouraged and hesitant to enter the housing market due to immediate uncertainty due to inflation, and the ridiculous market many Canadian cities are dealing with. I wonder as we shift out of the pandemic lifestyle if we don’t see a return to people valuing where they live more than the house they live in.
Covid really saw a spike in people wanting detached homes with spaces for offices, gyms, and a yard where you can spend a lot of time outdoors.
I was lucky the pandemic didn’t have a negative impact on mine or my wife’s job so in 2020 we saved a lot of money which helped us put together a downpayment for a house. We moved in 2021 and focused on spending money on furnishing and doing some small upgrades to the new place. Now in 2022 we are already shifting to planning vacations and trips as we have not had the chance to do so in the past. My wife is heading to California for the second time this year, we have booked Vegas in June, and looking at a Disney trip in the fall (I am also budgeting for a long playoff run with the Flames where tickets will be costly). If we were still deep in the pandemic I think our focus would be on improving our backyard which could use an expensive renovation.
I just wonder if we do not see a rebound from the condo market and less demand for housing once society fully adjusts to the post pandemic lifestyle? Living in a two bedroom condo close to downtown where there is a small commute and more night life may become more appealing than having a 3-4 bedroom townhouse/house with a 45 min+ commute to downtown especially if the WFH option is limited or removed
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