Ravi Punia - REALTOR®

Fraser Valley Specialist

FRASER VALLEY REAL ESTATE BLOG POSTS

Reverse Migration Into Metro Vancouver's Core


An interesting piece by Global News discussing the possibility of a reverse migration back to big cities as the pandemic wanes. 


See: "Year of the condo": Waning pandemic could see migration back to big cities


The Fraser Valley Real Estate market has been a huge beneficiary of people fleeing condos in search of more space, in relatively more affordable suburban markets.


Markets like Surrey, Langley and Abbotsford have experienced an extraordinary boom in townhouse and detached homes skyrocketing in price, during the pandemic.  The demand has been seemingly insatiable during the past couple of years.  However, there is a question now out there about the market demand dynamics shifting yet again.


It will be interesting to see just how much workers will be working from home.  As well, sky high record gas prices may also alter consumer behaviour.  See my previous blog post Factor in Gas Prices When Buying a Home.  If people have to commute into cities like Vancouver or Burnaby from distant suburbs, the time and cost of travel involved may have some buyers reconsidering whether living in a larger space far out of the city makes more sense versus maybe staying in a city condo, to be closer to the workplace.


Time will tell.



Comments:
No comments

Post Your Comment:



*This blog communication is not intended to cause or induce breach of an existing agency agreement.  Views are my own and do not reflect those of any organizations that I may be associated with.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.