For generations, Canadians have been asking themselves this important question: ‘Is it better to buy a home or rent?’ On the one hand, owning comes with more responsibility and higher monthly expenses, but offers more stability and a long-term investment. On the other hand, the money spent on renting will never be recuperated, however, it can offer some flexibility if you’re not sure how long you will live in one place.

According to a recent Royal LePage-sponsored study by economist Will Dunning, it is more financially beneficial to purchase a home than to rent in Canada, more than nine times out of ten. The study uses price data for 278 scenarios (broken out by city and housing type) across the country and assumes the owner is able to provide a 20% down payment. In 91% of scenarios, the monthly cost of owning a home is less than renting an equivalent dwelling, when considering the net ownership costs (total cost of ownership minus the portion of mortgage payment that goes toward principal). This is called the ‘ownership advantage’. 

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A lot has changed over the past year. For many people, the rise in remote work influenced what they’re looking for in a home and created a greater appetite for a dedicated home office. Some professionals took advantage of the situation and purchased a bigger home. Other people thought working from home would be temporary, so they chose to get creative and make the space they already had work for them. But recent headlines indicate working from home isn’t a passing fad.

If you’re still longing for a dedicated home office, now may be the time to find the home that addresses your evolving needs. More and more companies are delaying their plans to return to the office – others are deciding to remain fully remote permanently. According to economists from Goldman Sachs in a recent article from CNN:

“Job ads increasingly offer remote work and surveys indicate that both workers and employers expect work from home to remain much more common than before the pandemic.”

Other experts agree. A survey conducted by Upwork of 1,000 hiring managers found that due to the pandemic, companies were planning more remote work now and in the years to come. Upwork elaborates (numbers from the USA):

“The number of remote workers in the next five years is expected to be nearly double what it was before COVID-19: By 2025, 36.2 million Americans will be remote, an increase of 16.8 million people from pre-pandemic rates.”

How Does This Impact Homeowners?

If you own your home, it’s important to realize that continued remote work may give you opportunities you didn’t realize you had. Since you don’t need to be tied to a specific area for your job, you have more flexibility when it comes to where you can live.

If you’re one of the nearly 23% of workers who will remain 100% remote:
You have the option to move to a lower cost-of-living area or to the location of your dreams. If you search for a home in a more affordable area, you’ll be able to get more home for your money, freeing up more options for your dedicated office space and additional breathing room.

You could also move to a location where you’ve always wanted to live – somewhere near the beach, the mountains, or simply a market that features the kind of weather and community amenities you’re looking for. Without your job tying you to a specific location, you’re bound to find your ideal spot.

If you’re one of the almost 15% of individuals who will have a partially remote or hybrid schedule:
Relocating within your local area to a home that’s further away from your office could be a great choice. Since you won’t be going in to work every day, a slightly longer commute from a more suburban or rural neighborhood may be a worthy trade-off for a home with more features, space, or comforts.

Bottom Line
If ongoing remote work is changing what you need in a home, work with a local real estate professional to find one that delivers on your new wish list.

Has summer clutter taken control of your home? Fall gives everyone the perfect reason to declutter from summer and prep for the rest of the year. If you have a cluttered home, here are a few tips to help you begin your fall cleaning.

Start with the Closets
Closets are the easiest place to begin. You and your kids should try on every piece of clothing. Get rid of anything too small or out of style. Next, move the summer clothes to the back and your fall and winter clothes to the front. Make sure those clothes still fit; if not, they must go!

Lose The Summer Garage Chaos
Do you have bikes, gardening supplies, summer sports equipment taking over your garage? Take a weekend and give your garage a fall makeover. Donate or sell old toys, bikes, and tools. Map out a storage plan to fit your summer stuff and make your winter tools accessible.

Freshen up The Kitchen
Whether it's for the big game or the upcoming holiday season, fall is the start of hosting season. Take time to declutter, organize and scrub your kitchen. Get rid of the extra little things you don't use. You might be surprised at the duplicate items you find. Trash, donate, or sell the items to make a little extra cash.

Get Rid of Old Toys
If you have kids, you most likely have old toys shoved into a closet, drawer, or corner. If they haven't seen the light of day in a while, it's time to pass them on.

If you're looking for a new home with more space, fall is a great time to buy and sell.  Call us for a 10-minute consultation.  604-984-7253.

Pricing your house right takes market experience and expertise.

To find the best list price, your agent balances current market demand, values of homes in your neighborhood, where prices are headed, and your home’s condition.

If you’re ready to sell, don’t guess on the price. Reach out to your local real estate advisor today to price your house to attract multiple offers and maximize your return on investment.