fbpx
CommunityFor BuyersFor SellersHome OwnersMarketingReal Estate

Why is the Real Estate Market so Busy?

By July 22, 2020August 6th, 2020No Comments
Summer 2020 Real Estate

Think about it, if I locked you in a room with the same food for a month, what is the first thing you would do when you got out?

Eat the same thing? Of course not; you would want something totally different – or at least hot sauce? As I struggle through a bad metaphor, I think you get it. Through COVID-19, people were forced to isolate themselves as much as they could where they lived, and aside from anyone affected economically, people decided to make some changes!

I made a Facebook post awhile ago when I was isolating my own family, mentioning that if you hadn’t booked a pool company yet, you’d better, because people who had this goal and procrastinated would be doing it.

Guess what, I was bang on.

I have no crystal ball, but as any family would through COVID, we identified everything we would like to change about our home. We even crunched numbers on buying something else even though we love where we are. Maybe a farm to spread out more, or renovate a farmhouse with a cool addition, build new on a piece of land… give ourselves more room outside.

I have always loved the investment side of real estate and wrote more than enough articles about the value of your principal investment and the great tax advantage that comes by making money through it.

But this time of self-isolation was compounded. We were home everyday, all day. Don’t get me wrong, we also appreciated the things we had during our “lockdown”. We have great neighbours who we talked to from a distance (and spent a good deal of time getting the kids to buy into the distancing thing). We appreciated that we had a pool, and have used it more than ever before.

There is a shift going on, and as life gets to this new normal, real estate is a big part of it

Renters are becoming  owners, condo owners may be looking for something with a backyard, and some people with backyards are putting pools in them or moving to houses with pools or with enough space to put a pool in. People without elbow room want more. I see it the other way, too.

As much as I thought I had it all right with people wanting to change aspects of their homes through this, I thought cottages and vacation properties would be tougher sells. I couldn’t have been more wrong!

Traveling abroad may not even be on a person’s radar right now, but driving to one of Ontario’s amazing beaches, campgrounds or even to Northern Ontario might now top the list. I am a sucker for the rock, tree, and water combo myself. Some people are starting to save for, or beginning to buy places they can drive to, and enjoying all the toys that go with it! 

My family and I were fortunate enough to purchas  our own little cozy cottage paradise last year, and it sure has been a nice option and change of scenery for us, especially with the lack of kid’s activities going on right now. Driving up there recently, my wife Amy, caught me in a RARE moment of an impulse buy… sure, we’ve talked and dreamed of it before, but this stretch of gorgeous weather had us talking Jetski’s, and we pulled into the first marina we saw to tease ourselves a little. SOLD OUT! Everything was sold. They still had a few tubes left to pull behind the machines, but the machines to pull them were gone. And all the kijiji ads for used Jetski’s I had looked at in weeks prior had turned into wanted ads.

This type of denial and unavailability of items  wasn’t new to us either, since during the early parts of COVID we saw all the things we wanted to entertain ourselves at home sell out first.

Workout equipment, dollar blades for kids, even kids golf memberships sold out as local courses opened up. And let’s not all forget the toilet paper shortage in March!

What am I rambling about?! Well,  I guess I’m getting to this. I think Canada, Ontario, and Guelph (as I know it best), are doing great. I’m sensitive to anyone experiencing difficulty through this chapter, and wish everyone well, but I’m also proud how we Canadians have adapted,  lived for the moments we’ve had, and as the gorgeous weather has arrived people are going for it. Whether it’s finally getting into home ownership or buying that cottage they’ve always dreamed of. Families are spending more time together and that is a great thing. Boy, I miss my kids sports, but being able to fish with them more has been a blessing.

Although things are different right now, it could also be great for our fine province too.

Sure, people will travel again, but I can guarantee more people are camping, cottaging, golfing, fishing and hosting bbq’s by their new pool in their bubble of 10 a lot more. 

I hope everyone is doing something they love this summer, and if you are going after your real estate goals, feel good about it. It’s never been more important. And if you do come across a used Jetski, how about a heads up?

Stay safe everyone, and never hesitate to reach out for a chat.

 

-Hudson Smith

 


Let's grab a coffee and and connect

Get in touch with Hudson by email or phone,
hudson@hudsonsmith.ca
519-821-3600