How COVID has changed Toronto buyers.

It’s pretty clear that so far COVID has not overly changed the real estate market in Toronto. We have not seen a huge increase in listings and sale prices have not gone down. Buyers are still out in droves and good properties are selling quickly with lots of competition. There is something in this market that has changed, though. And the change is so subtle, it took me a while to see it. Buyers’ needs have changed. Do you know what I’m talking about A LOT these days with buyers?

1. Home offices. Before COVID, offices were a nice-to-have but mostly unused space. Now, in anticipation of office life being fundamentally altered for the foreseeable future, most of my buyer clients want to have space for two separate home offices.

2. Outdoor Space: The COVID lockdown made everyone realize what a huge luxury having private outdoor space is. Outdoor space has almost totally replaced parking as a priority.

3. Transit: Once a very important factor in home-buying decisions is not factoring into the discussion as much. Unlike home offices and outdoor space, I expect this one to change as the COVID risk starts to subside and people again feel comfortable on public transit.

4. Walkability: Neighbourhood walkability has always been very important but has taken on a whole new level of importance. Walking, biking and running became very popular during the lockdown because there was literally nothing else to do. The walkability of your neighbourhood and proximity to stores that sell necessities became very important in the lockdown and continues to drive house values.

Buyers are starting to shift how they want to live within the city. Without the ability to gather in large groups downtown (at sports games, in bars, movie theatres, etc) homes have become much more central to our lives. They are house, office and entertainment all in one.

• Robyn Vandervennen
  The Kim Kehoe Team