Ravi Punia - REALTOR®

Fraser Valley Specialist


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.

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