Michael Bourque is CEO of the Canadian Real Estate Association
It has been said that the COVID-19 pandemic accelerated many trends that had started beforehand. Think inequality, flexible work arrangements, online shopping and virtual meetings, learning and in real estate, open houses.
It also turbo-charged trends already well under way in housing markets in many parts of Canada. Following the introduction of the mortgage stress test, and then the pandemic lockdowns, buyers started looking further out from urban centres to smaller communities where they could live and continue working.
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But the bigger underlying trend was the growing imbalance between supply and demand, with many “Coming Soon” signs seen outside new developments quickly replaced with those reading “Sold Out.”
At the end of February, 2020, there were 3.8 months of inventory nationally – the first time this measure had fallen below …