Real Estate Trends and Developments
The COVID-19 pandemic took the world by surprise and has had a profound effect in all areas of society, including real estate. It has altered how and where Canadians work, which also led to many thinking about where and how they want to live.
One of the most promising developments has been with mortgage rates. The pandemic has made it more affordable to own a home. With the Bank of Canada’s rate cut to close to zero, mortgage rates have hit all-time lows.
There have also been impacts to real estate supply and demand. Real estate in rural and suburban areas have become more sought after while properties in urban markets, especially those in densely populated areas, have become less popular. As people are spending more time than ever at home, they are seeking larger living spaces. In addition, homeowners are looking to improve their home environment; many are investing in their living spaces undergoing renovations and/or looking to upgrade their home.
In addition, there are some new developments on the horizon in Yellowknife. One development that is particularly exciting is the West Bay Condo project. This property will offer the opportunity for people to live in a new and modern open-design property with high energy efficiency. Located at the base of Tin Can Hill off School Draw, the condominiums are close to Old Town and downtown with nature and Great Slave Lake at its doorstep. The pre-sales will begin in spring 2021 and possession is planned for late 2021.
With these changes, it’s an exciting time to be looking for a new home or to sell a home, and we would be honoured to help you with any of your real estate needs.