As homebuyers look to the end of the pandemic and begin to consider what the future of work looks like, employer requirements will have an impact on housing and location choices.
“New dynamics brought on by the COVID pandemic have homeowners juggling and reconsidering their priorities to find a better balance between work and life. On the flip side, more flexibility in work settings, schedules and openness to remote work have offered Ontarians a unique opportunity to take some time to decide where they want to settle and take a closer look at what their professional future may look like in their new hometown.” said John Lusink, President of Right at Home Realty.
A Maru/Blue online survey for Right at Home Realty released Wednesday, states 44% of those working from home during the pandemic have considered moving out of the city, most say the decision is tied to their work circumstances. 63% said they would be less willing to move further from their jobs if their employer wanted them back in the office even one to three days a week.
Right at Home Realty president John Lusink said some who have made the move away from Toronto could face “a bit of a shock to the system” if their boss wants them back at work. Those who moved might find it difficult to reverse course as home prices have continued to escalate. “They will have pulled themselves out of a market they can’t get back into,” he said.
Home ownership is becoming more and more of a dream-like fantasy for young Torontonians - the newly released results of Maru/Blue survey commissioned by Right at Home Realty, a Toronto-based real estate brokerage, suggest that 51 per cent of all Ontario residents are "feeling left behind" in the current housing market.
"Career growth remains a priority for many professionals living in the city, as they fear not being able to find the same work opportunities in smaller urban areas in the province," says John Lusink, President & Broker of Record at Right at Home Realty
Soaring home prices in Ontario, which are up between 30-50 per cent from last year depending on the area, are forcing a growing number of younger residents (age 18-34) to give up on their dreams of home ownership.
The survey also found about half who are planning to buy in the next two to three years will use equity from their current home to buy their next home. And those buyers (age 35-54) aren't worried about rising mortgage rates, with 70 per cent saying a move of 1.5 per cent or less would have no effect on their buying plans.
"Homeowners continue to see the value in home investment. Current low rates are making it easier for many homebuyers to consider getting on the property ladder," said John Lusink, president of Right at Home Realty, in a release.
Nearly half (44%) of Ontarians working from home said that they have considered moving during the pandemic year, but a much lower proportion (18%) is expected to actually do so in practice, according to a new survey by Right at Home Realty.
Only a quarter of respondents who are looking to sell their homes over the next year would consider moving to a different neighbourhood in the same city. Around 39% of those planning to sell in the next two to three years said it will be to buy a home with greater space, versus the 33% who are intending to downsize.
“The vast majority of Ontarians have no plans to move or change city locations as a result of these new dynamics.” said John Lusink, president of Right at Home Realty.
Right at Home Realty president John Lusink said some who have made the move away from Toronto could face “a bit of a shock to the system” if their boss wants them back at work. Those who moved might find it difficult to reverse course as home prices have continued to escalate.
“They will have pulled themselves out of a market they can’t get back into,” he said.
- In the News