In a recent report, the CIBC studied the impact of the pandemic on Canadians’ propensity to want to move out of major urban centres. Here are the main highlights of the report:
While current teleworking practices are fostering this “exodus”, the CIBC warns workers that moving further away from their workplace could be a big mistake.
Many employers expect their employees to return to work full-time once the pandemic is over, which could reduce the attractiveness of properties that are far from workplaces.
Property prices in suburban and peri-urban areas located between 1 and 1.5 hours outside of major cities have increased significantly over the past year. This narrows the advantage of buying a home that is larger and less expensive than one in the city.
Despite the turbulence of 2020, Canada’s major cities will remain important destinations for provincial and international migration flows that will fuel their respective residential real estate markets.
