The housing market in Canada, in recent times, has been high in demand as the buyers have been looking for large homes, a move that has resulted in an imbalance between supply and demand since there is not enough space in and around the major cities, a Bloomberg report said. Canada is the second-largest country in the world, and virtually, they are running short of space.
"Running out of land in Canada is a relatively recent phenomenon compared to Europe, or Japan, or other parts of the world", said Robert Hogue, an economist at Royal Bank of Canada, Bloomberg quoted. "I think that for future generations, homeownership is going to look a lot more European, for example, than it does today", the Bloomberg report said.
For a long time, buying land was a certain way of attaining security for the middle class. On average, Canadians live in some big houses and have higher rates of ownership of houses than in the United States (US), United Kingdom (UK), or France. But the coronavirus pandemic made the prices of land go higher and harder to get, reported Bloomberg News.
Though Canada has a land area of 10 million square kilometres, which is almost 40 times the area of the UK, most Canadians are spread out only in a handful of cities close to the US border, since that is where the jobs are easily available. But since the pandemic gave rise to work-from-home, there has been more spread of population, which has turned places such as weekend getaways, quiet farms into one of the hottest real estate markets, reported Bloomberg News.