Larger living spaces wanted: Statistics Canada forecasts shift in demand from condos to detached homes

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      Statistics Canada is forecasting a shift in demand from condomiums to freestanding houses.

      The federal agency made the prediction Tuesday (July 21) in its report about the price of new homes.

      “As working from home becomes more prevalent, we may see an increase in the demand for larger living spaces that single-family homes can offer, causing a shift in demand from condominium apartments towards single houses,” Statistics Canada reported through The Daily bulletin.

      Developers are seen to respond to this clamour by buyers.

      “Builders may start catering to buyers' preferences by offering additional office space in the design of their new homes to accommodate remote working arrangements,” Statistics Canada reported.

      More people have been working at home on account of the COVID-19 pandemic.

      As to the main subject, the federal statistics agency reported that prices of new homes rose 0.1 percent in June 2020 compared to May.

      Also at the national level, new house prices rose 1.3 percent in the 12-month period ending in June 2020.

      This development follows a 1.1 percent rise in May.

      “On a year-over-year basis, prices have been increasing for seven consecutive months at the national level,” Statistics Canada reported.

      Based on numbers by the Real Estate Board of Greater Vancouver, 866 detached homes were sold in areas covered by the REBGV in June 2020.

      Last month’s sales were 16.1 percent higher than the 746 deals made in May 2020.

      The benchmark price of a single-family home in June 2020 was $1,464,200.

      This price represents a 3.6 percent increase compared to June 2019.

      The REBGV covers Vancouver, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, West Vancouver, and Whistler.

      In Vancouver, the benchmark price of a single-family home on the east side of the city in June 2020 was $1,459,100.

      On the west side of Vancouver, the price was $3,076,700.

      June 2020 transactions of detached homes also saw an increase in Vancouver.

      On the east side, 105 detached homes were sold in June compared to 64 in May this year.

      A total of 78 freestanding homes sold on the west side of Vancouver in June, up from 51 in May.