Exodus might be too strong a word, but certainly over the last two years many Canadians have abandoned the high-density and busy streets of the country’s major markets and embraced small-town living, placing ‘liveability’ factors slightly ahead of affordability..That’s one of the findings to come out of the 2022 Small Markets Report from Leger, commissioned by Re/Max Canada.*.Results show smaller markets are attracting new residents and homebuyers, primarily for their green spaces and neighbourhood dynamism — to name a few — ahead of affordability by a slim margin..The survey found during the pandemic, 23% of respondents moved from a larger market to a smaller one, with 85% saying they are happy with their move and 52% saying they believe their mental health has improved since moving..“Liveability is all about quality of life, and as we all work toward getting back to enjoying the things we love the most about our communities, it’s not surprising that it ranks so highly in importance for Canadians, especially now,” says Christopher Alexander, president, Re/Max Canada..“Despite the fact the national housing market still has challenges to overcome, smaller communities are viable options for Canadian homebuyers looking for the right balance between liveability and affordability. The increase anticipated for home prices for the remainder of 2022 by our network of brokers and agents is a good indicator of the appeal of these communities.”.Home prices in these communities have risen, due to low inventory and growing demand, with Re/Max Canada brokers and agents anticipating price growth across all small markets analyzed in the report. .Predictions of increases range from 3% up to 20%, depending on the region, through to the end of 2022, with some markets having already seen significant year-over-year price rises in the range of 17% to 46%..There are fears continued growth could erode the charms of small-town living, with 57% of residents in smaller markets feeling the distinct liveability they were seeking originally could dissipate as a result of rising demand from move-over buyers. .Additionally, 43% share the same anxiety about rising prices, fearing they could potentially be priced out of their community, if the trend persists..“We’ve seen a greater influx of buyers moving to smaller markets over the past two years, a trend that’s prompted some concern among existing residents. However, the diversity of new homebuyers can be a positive thing for local communities,” says Elton Ash, executive vice-president, RE/MAX Canada..“The recent notable growth of these smaller markets makes it an opportune time for municipal and provincial governments to focus on alleviating these concerns through measures that address affordability and housing supply, but also aim to revitalize and improve community liveability that has made these regions the preferred choice of many Canadians.”.As gathering and workplace pandemic restrictions continue to ease across the country, some expect a slight reversal from smaller towns back to the big cities. .The ability to work from home motivated 14% of Canadians to move to a smaller community, with 11% indicating that, should their employer require them to return to work in-person, they would look for another job in order to stay in their small city/town/community..As is the case in the major metros, small markets across western Canada are firmly in sellers’ territory. .Markets such as Kelowna, Chilliwack, Cranbrook, Brooks, Red Deer and Brandon have seen population growth from other regions and provinces (primarily Ontario), with interest in single-family homes that offer more indoor and outdoor living space. .According to RE/MAX brokers and agents, average residential sale prices are expected to increase 3% in Chilliwack, BC, 5% in Kelowna, BC, 10% in Cranbrook, BC, 4% in Red Deer, 10% in Brooks and 4% in Brandon..Leger conducted a survey of 1,525 Canadians in late March using Leger’s online panel, which has approximately 400,000 members nationally and has a retention rate of 90%. The survey analyzed home sales and price trends in the fastest-growing small Canadian housing markets, defined as those with the highest population growth rates in 2021, and having a population of less than 440,000, with secondary markets below 100,000.Myke Thomas is a Western Standard contributor
Exodus might be too strong a word, but certainly over the last two years many Canadians have abandoned the high-density and busy streets of the country’s major markets and embraced small-town living, placing ‘liveability’ factors slightly ahead of affordability..That’s one of the findings to come out of the 2022 Small Markets Report from Leger, commissioned by Re/Max Canada.*.Results show smaller markets are attracting new residents and homebuyers, primarily for their green spaces and neighbourhood dynamism — to name a few — ahead of affordability by a slim margin..The survey found during the pandemic, 23% of respondents moved from a larger market to a smaller one, with 85% saying they are happy with their move and 52% saying they believe their mental health has improved since moving..“Liveability is all about quality of life, and as we all work toward getting back to enjoying the things we love the most about our communities, it’s not surprising that it ranks so highly in importance for Canadians, especially now,” says Christopher Alexander, president, Re/Max Canada..“Despite the fact the national housing market still has challenges to overcome, smaller communities are viable options for Canadian homebuyers looking for the right balance between liveability and affordability. The increase anticipated for home prices for the remainder of 2022 by our network of brokers and agents is a good indicator of the appeal of these communities.”.Home prices in these communities have risen, due to low inventory and growing demand, with Re/Max Canada brokers and agents anticipating price growth across all small markets analyzed in the report. .Predictions of increases range from 3% up to 20%, depending on the region, through to the end of 2022, with some markets having already seen significant year-over-year price rises in the range of 17% to 46%..There are fears continued growth could erode the charms of small-town living, with 57% of residents in smaller markets feeling the distinct liveability they were seeking originally could dissipate as a result of rising demand from move-over buyers. .Additionally, 43% share the same anxiety about rising prices, fearing they could potentially be priced out of their community, if the trend persists..“We’ve seen a greater influx of buyers moving to smaller markets over the past two years, a trend that’s prompted some concern among existing residents. However, the diversity of new homebuyers can be a positive thing for local communities,” says Elton Ash, executive vice-president, RE/MAX Canada..“The recent notable growth of these smaller markets makes it an opportune time for municipal and provincial governments to focus on alleviating these concerns through measures that address affordability and housing supply, but also aim to revitalize and improve community liveability that has made these regions the preferred choice of many Canadians.”.As gathering and workplace pandemic restrictions continue to ease across the country, some expect a slight reversal from smaller towns back to the big cities. .The ability to work from home motivated 14% of Canadians to move to a smaller community, with 11% indicating that, should their employer require them to return to work in-person, they would look for another job in order to stay in their small city/town/community..As is the case in the major metros, small markets across western Canada are firmly in sellers’ territory. .Markets such as Kelowna, Chilliwack, Cranbrook, Brooks, Red Deer and Brandon have seen population growth from other regions and provinces (primarily Ontario), with interest in single-family homes that offer more indoor and outdoor living space. .According to RE/MAX brokers and agents, average residential sale prices are expected to increase 3% in Chilliwack, BC, 5% in Kelowna, BC, 10% in Cranbrook, BC, 4% in Red Deer, 10% in Brooks and 4% in Brandon..Leger conducted a survey of 1,525 Canadians in late March using Leger’s online panel, which has approximately 400,000 members nationally and has a retention rate of 90%. The survey analyzed home sales and price trends in the fastest-growing small Canadian housing markets, defined as those with the highest population growth rates in 2021, and having a population of less than 440,000, with secondary markets below 100,000.Myke Thomas is a Western Standard contributor
