But what about 2021? After an unprecedented year, will the Canadian market deliver an encore?VarnaK / Shutterstock
The flight from urban areas is likely to be the most significant trend affecting Canadian real estate in the first half of 2021. Buyers who envision a remote-work future and want more space will have little choice but to bid on properties in smaller communities where homes are generally more affordable than city centres.Article content
CIBC’s Benjamin Tal, the bank’s deputy chief economist, was the first prominent expert to predict the eventual end of the urban exodus. He argues it will begin losing steam when businesses decide they want their workers back in a central location.A desire for more space has been bad news for condo sellers, eviscerating demand and flattening price growth for much of 2020.
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