Experts say lower interest rates, coupled with the shift to remote work and changing social attitudes due to the ongoing COVID-19 pandemic, have caused a surge in rural real estate and cottage sales.
TORONTO -- The ongoing COVID-19 pandemic is driving a shift in home buyer motivation, resulting in a surge of interest in rural and cottage real estate, according to experts.
“The pandemic has created additional motivation for people living in pricier and more population dense areas to perhaps move further away from the hustle and bustle because they’ve been given permission to spend less time commuting and more time with family by working from home.” Realtors in the region have reported record sales, with 278 cottage properties sold in the last month -- a 73 per cent increase year-over-year -- and a significant increase in interest from city dwellers who are ready to trade in the city for rural living.
And, as more employers embrace the long-term shift to remote work, Eccleston says we can expect to see more city dwellers making moves.
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