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The impact of pandemic on residential housing

Covid-19 situation and the new lifestyle trends it has promoted in our lives have driven several changes into how we perceive housing. With several factors modifying the consumer demands and expectations, the need for larger homes is felt now than ever in the past. While the Covid-19 pandemic has pushed several sectors towards a downward trend, the residential housing sector has only moved towards an upward curve with more building activities. In fact, a lot of people occupying rented houses are now looking forward buy their own homes.

The pandemic has helped us understand the importance of real estate, particularly in the residential housing segment. No doubt people had been purchasing homes during the pre-Covid-19 era. However, there has been a sharp upsurge in home buying during the Covid times especially among the younger generation. Millennials are seen taking more interest in self-owned homes that will free them from a life-long rental trap.

The residential housing sector has seen a surge during the pandemic
Industry reports show us that housing sales have surged by 13% during the first three quarters of 2019 when compared to the same period in 2018. So, we can say the pandemic has made a lot of people realize the importance of real estate assets. After seeing the problems in non-gated communities in developing countries, people have started feeling that real estate is the best asset when compared to most other avenues of investment and financial tools.

Aided by this new perception, the real estate sector, which was predicted to incur a heavy loss due to pandemic has bounced back within few months with the sales touching the pre-Covid levels immediately following the first unlock. The global housing sector made a powerful comeback in the third quarter of 2020 as per the studies and the sales and new launches went up by surprising 65% and 79% levels when compared with the pre-Covid-19 levels.

Looking for independent properties
Most people living in rental properties have faced challenges and are now actively exploring ways to buy their own homes. Also, the interest in spacious and independent properties has surged in recent times as a common expectation in people seeking to invest in residential housing. Luxury Home Builders Calgary has been landing on new ideas to transform the way homes are built to meet the evolving needs of consumers. The government’s favorable policies with regard to supply and demand have helped give a boost to the residential housing segment. Therefore, it is for sure that the mid-segment will drive the realty sector towards a promising revival.

Interest in larger homes
Yet another change the pandemic has induced with regard to residential housing is the demand for larger spaces inside the homes to accommodate various tasks and activities. Since most people are stuck inside homes for extended times, the need for larger homes to support different activities like office work, studies, entertainment, and others is felt prominently.

People are looking forward to resorting to a different lifestyle with ample opportunities to exercise, relax and entertain themselves in newer ways. Such needs have given rise to newer consumer demands leading to a rise in demand for larger homes.

Foreseeing the future
In addition to the contemporary needs, the nuclear families of our times are now trying to predict the arising requirements they will face in the coming years. Therefore, their interest in larger and spacious homes is felt more prominently. Those people approaching the home buying with budget constraints were looking for smaller homes till some time back. Even this segment of the housing sector is now prepared to stretch a bit to invest in larger homes. Adding to that, the home loan segment has significantly contributed to boosting up the buyer segment.

For more information about Custom Home Builder and Discovery Ridge Real Estate Please visit : RareBuilt Homes Ltd.

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