Real estate market trends in Burlington, Canada
Saying that 2020 has been an unpredictable year is an understatement if there ever was one. The global economic situation was unstable in all aspects of life, including real estate market trends in Burlington, Canada. Luckily, there has been noticeable growth even in the face of reluctant homebuyers and insecure economic prospects.
The last year has been marked by combating the virus’ harmful influences in the private and professional spheres of life. Consequently, thinking about real estate trends might even be daunting. However, Burlington real estate market experts and investors forecast several predominant trends that will mark 2021.
Real estate market trends in Burlington, Canada according to experts
The real estate market trends we will discuss are based on a report on Emerging Trends in Canadian Real Estate. This report is a comprehensive overview on the ways the Burlington real estate market has shown signs of healthy sale and purchase activity in the last couple of months of 2020.
Accordingly, the global pandemic has influenced retail, warehousing, and suburban residential area development. Developers in this sector had to adapt to changes and find ways to keep the real estate market afloat. So, the challenge of overcoming erratic developments in property supply and demand introduced several changes to Canadian real estate.
Burlington real estate market changes
As a result, industry players have turned to different real estate sectors which are looking to be the dominant areas of interest in 2020. These include warehousing, residential building, and office space.
Contrasting views from industry players on the outlooks in developer activity contributed to this change. Essentially, the need to adapt to unclear prospects in Burlington’s real estate market has driven developers toward shifting their strategies to new areas of interest.
Now, let us take a look at Burlington real estate trends we are likely to expect in 2020.
Residential real estate market trends in Burlington, Canada
Real estate market activities in the following year are most likely to be centered around mid-sized cities such as Burlington. The pandemic has influenced Canadians to look at suburban and rural properties and escape cities such as Toronto and Ottawa.
The main reason for the heightened interest in mid-sized cities are lower property prices and larger property surface areas. Another beneficial factor is the fact that moving to these cities in much more transparent in terms of costs and liabilities.
Remote working as a contributing factor
Many people are rushing to purchase property in and around Burlington since homeworking became the predominant working mode. The population size and density of cities such as Burlington attracts people to give up living in crowded cities where the chances of contracting Covid-19 are incredibly high.
If you have already purchased a property somewhere in the Burlington area, we suggest you look into local moving companies. We suggest you contact number1movers.ca if you need help with moving to your Burlington home in line with Covid-19 sanitary measures and precautions.
For more information on how to stay healthy during your relocation to Burlington, read this article.
Also, most properties in Burlington are more spacious than in large Canadian cities. This in turn offers the chance to organize living and working more comfortably. This characteristic of Burlington real estate gave rise to the term ’18-hour city’.
What is an 18-hour city?
As we mentioned, remote working has given rise to mid-sized city property sale and purchase becoming the leading real estate market trend in Burlington. That is why industry experts call Burlington and other Canadian cities ’18-hour cities’. So, living in these cities implies that doing any daily task does not last more than 18 minutes. This in turn means that real estate markets in 2021 will favor cities that are mid-sized, that have useful and attractive institutions and amenities, an above-average population growth, lower costs of living, and setting up a business in comparison to major Canadian cities.
This places Burlington’s residential real estate development high on the list of market trends to look out for. As Burlington is about to receive an influx of new residents in the year ahead, we recommend you hire assistance to settle in easily ahead of time, especially if you are moving locally.
Investing in medical office space in 2021 will be the leading market trend
It is safe to say that building medical facilities and office space is becoming increasingly important in Burlington. Since the beginning of the pandemic, this real estate sector became one of the leading areas of real estate investors. This means that building Covid-19 testing facilities, hospitals, emergency rooms, and other essential medical facilities will be on the rise.
Investing in retail in 2021 is risky business
Warehousing centers have been steadily overtaking business from retail in 2020. It is most likely this trend will continue well into 2021. Strict lockdown measures have negatively impacted the cash flow in various retail sectors in Burlington. Because of this, investors have switched to financing and building warehouse space. This is mostly the result of the need to account for the rising eCommerce demands in Burlington.
In fact, the leading commercial real estate market trends in Burlington, Canada in 2021 centers around repurposing excess space left over after the downfall of strip malls. These spaces are most likely to be used to build residential or mixed-use properties due to the rise in demand for Burlington single-family housing.