According to a survey of sales agents conducted by Century 21, Canadians have expressed concern about the real estate market’s impact on their respective communities, however, that doesn’t mean certain markets aren’t “bucking the trend.”
Nationally, buyers are most optimistic about their chances of finding a home—the obvious result of a market that’s languished for the better part of 18 months. According to the survey, 57.7% of agents reported clients either excited or calm, but 28.8% also expressed trepidation about prices and taxes.
Also nationwide, 18.1% of Century 21 agents say their clients are “very concerned” the effects market conditions are having on their communities, while half are only “somewhat concerned,” and 16% are neutral. Tellingly, 1.6% reported “excited” clients.
“These results are consistent with what Canadians are hearing from other sources about how the market has been faring over the last year, with some important insights that can be drawn from real estate agents working with clients in communities across Canada,” said Rushton. “The regional differences in the data are striking, and we also heard some interesting anecdotes from agents. For example, some neighbourhoods in Ottawa and Regina are bucking the trend and are hot sellers markets, as are some suburbs of metropolitan centres like Vancouver as people are moving farther out from the core.”
Rushton added that the survey results indicate that people still regard real estate as an excellent investment.
“For me, the survey highlights that real estate is always a good investment when you are buying a home to live in for the long term and if you are willing to be flexible. Markets are soft in many communities right now, but we’ve seen that before and it is certainly not consistent across the country.”
According to the survey, 38.6% of agents reported seller clients who are excited or calm, and 38.7% say their clients are concerned about the prices they’ll receive.
The most disquiet came from Prairie sales agents, 24.1% of whom reported “very concerned clients,” and 52.8% of whom said their clients are “somewhat concerned.”
Conversely, Atlantic Canada has the country’s most optimistic agents, with fewer than 8% reporting extremely distressed clients and 38.2% saying their clients are “somewhat concerned.”