The Bank of Canada says in a study released today that the closure of many downtown services increased demand and prices for homes in suburban areas during the pandemic
New research shows house prices in Canada’s suburbs grew faster than in downtown areas during the pandemic as remote work spurred a preference for bigger homes.
The central bank says this shift weakened the so-called proximity premium typically associated with homes in more urban areas, which tend to be more expensive due to scare land, shorter commutes and better access to services. As a result, the bank says the real estate price gap between Canada’s suburbs and downtown areas — already narrowing steadily pre-pandemic — shrank considerably.
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