Ever since March of 2020, our daily lives have changed to some degree. What we prioritize as the norm in our personal and work lives has shifted. What was born out of the necessity to social distance quite literally became the long-term reality for a lot of people: the remote work lifestyle. While many businesses have gone back to business as usual, a lot of them have realized they’d rather continue functioning remotely or a hybrid of both.
This shift in how business is done has created a ripple effect across many industries, especially in real estate. Whether it’s buying homes for sale in Toronto, ON, Vancouver, BC, or anywhere else in Canada, the effects of remote work and home buying are evident. Continue reading to find out what and how things have changed for the remote worker and house hunting.
The Rise of Remote Work and its Effects on the Home Search Process
It was once popular to live in high-density urban areas, but it’s become a thing of the past for a lot of people. Since people are spending more time in their homes, they need space. Living further out from major cities offers them room to stretch. Not only are people moving to the suburbs, but since more people are working from home, either full-time or remotely, some are looking at smaller cities or even further out to more rural areas. In essence, they’re willing to sell a condo in Vancouver and buy a home for sale in Langley, BC, even if that means they’ll have a longer commute in the event they need to go to work in person.
With this new normal that we’ve had for some time now, we can see most recent home buyers actually prefer to work from home. Around four in ten homebuyers actively work remotely and nearly half of the employers have adopted the remote work business model.
The Impact of Work From Home on the Real Estate Sector in Rural Areas
Real estate prices in urban areas are usually priced higher than in the suburbs and rural areas. However, with the emphasis on prioritizing the quality of life by people moving away from the city, the prices of homes for sale in these countryside areas have surged.
What Does This Mean For Urban Properties?
Undoubtedly, the urban markets declined once people wanted bigger spaces further away from the city. There are promising signs that urban properties are making a comeback and for some, it makes sense to buy a condo. Some people who moved away from the cities missed the hustle and bustle and are now moving back, but also, those who used to be priced out of the urban market are able to afford a condo or townhome in the city.
Though the urban market is picking up again, it’s not without new expectations from homebuyers. Even those who desire to live in the city still want more space because they too are working remotely and need a designated area for work.
Millennials and Homeownership
Formerly dubbed the “renter generation”, millennials have stepped out and it’s more popular for them to own their own home. This generation is also raising families of their own and values family togetherness. With the popularity of remote or hybrid working, millennials are embracing this work style as it affords them their ideal family life. They are the ones that seek the single-detached homes with big yards away from the city and don’t plan on giving them up anytime soon.
House Hunting For The Remote Worker
With the needs and wants of the masses, it’s important to pay attention to the things they’re looking for in a home. Here are two things to keep in mind for potential homebuyers.
Location is Still Important
Location will always be significant, but what has changed is what homebuyers are looking for in a location. Before it was the proximity to their work and how long the commute would be. That’s not nearly as big of a priority anymore. Working remotely affords people the ability to virtually work anywhere. If a homebuyer always dreamed of living in a quaint coastal town like Gibsons, BC or maybe still close to the big city without actually living amongst the noise like the homes for sale in Mississauga, ON.
Having Enough Space
Home offices were considered a luxury in the past, but now they’re a necessity for those that work from home. Whether it’s an extra bedroom, a finished basement, or an actual room created as an office space, having a dedicated space for work is at the top of their priorities.
Final Thoughts on the Effects Remote Working Has on the Home Search Process
As you can see, this newly-popular work style is here to stay and affects industries across the globe. One is the real estate industry. This is neither good nor bad as the market is constantly moving and adjusting to different variables and seasons. We hope this article is helpful in explaining the impact remote work has had on the home search process.
