Due to the recent pandemic (Covid-19), homebuyers all over the world and especially in Ontario wonder if great urban centers like Toronto, Mississauga, and Brampton are for any good now to buy or invest in real estate there. This global pandemic has brought our world to the brink of an entirely new era. Consequently, like everything else in the world, it has also affected real estate in Ontario.
Why and how pandemic changed the trends of real estate in Ontario?
It was predicted many years ago that buying a home in Ontario in the coming decade would only be possible for rich people because prices of real estate would keep on rising in populated cities like Ottawa and GTA. In addition, there were also many trends that came in waves, changing the market to a seller’s market from a buyer’s market.
However, due to the pandemic, things have changed significantly for Canada’s housing market in more ways than one could imagine. As a matter of fact, Canadian Real Estate Association (CREA) states that just in a matter of a month, the number of emerging properties has witnessed a 13% drop.
Considering the statement, it is absolutely shocking that the sales of national homes have risen to 2% and the recorded home sales over Candian MLS have increased by 6.6.%. This has set a new record and these stats further solidify the indication of great demand but low supply in the real estate market.
With that being said, unlike great urban centers all over Canada, towns and smaller cities have been much stable in comparison to Ontario’s real estate market. Thereby, it is safe to say that these last 12 months have completely redefined every assumption made about the non-urban market in Canada. Due to the pandemic, rural and small communities have witnessed unprecedented growth in a very short period in their real estate sector.
Homeowners are now more attracted to the idea of living in a smaller city and town because people no longer need to confine themselves in the areas close to their office and marketplace. As a result, a great influx of residents has been recorded and housing costs have reached a new spike.
Blue Coast of Ontario
In the heart of southwestern Ontario, there exists a small rural community called The County of Lambton. The main city of this county is named Sarnia which sits proudly on the shores of St. Clair River and Lake Huron. This city hosts an area called Ontario’s Blue Coast.
Away from the bustling cities like London and Windsor, Sarnia-Lambton is popular for being a quiet place. Furthermore, the primary industry in Sarnia-Lambton is that of petrochemical, which understandably makes this region a magnet for a lot of Canadians, especially the ones who are trade professionals.
The rapid changes in the real estate market of Sarnia-Lambton
In addition to the poor availability of houses in Sarnia-Lambton, residential listings hit a new low in January. Considering everything, the lack of any residential projects is likely to increase the prices further.
What could be expected from the Blue coast in the future?
There is no doubt that currently Sarnia-Lambton is quite comfortable in the seller’s market. Although this is not the best situation if you are buying your first home in Ontario’s Sarnia-Lambton, there is indeed a hope that things are moving towards the better.
If you are curious to know the exact value of any property in Sarnia-Lambton or anywhere in Ontario, hire RE/MAX Centre City Realty because we have the best home value estimators.