// PRINCE EDWARD COUNT Y LIVING //
// REAL ESTATE CONFIDENTIAL //
Richard Stewart, LLB, LLM, Vice President, Legal Counsel, Broker, is a lawyer who has practised in both the private and public sectors. Richard contributes
additional depth to the Chestnut Park’s leadership team by ensuring ongoing accessibility to legal counsel and assistance on professional and practical issues that arise in the course of real estate transactions.
What Happened to the Real Estate Market Beyond Toronto, and Why?
One of the most significant health crises to confront humankind in a century prompted seismic shifts in buying patterns and behaviour, forever changing recreational, rural and hybrid real estate markets.
W
hile these changes are not news, a lot of other things have changed over the last year and a half or so, and many aspects of life are either fundamentally different or no longer as relevant. Specifically, the restrictions and safeguards imposed to address the threat posed by the coronavirus pandemic have resulted in a collective loss of innocence. So many of the activities and routines that we took for granted, and so many of the touchstones and points of reference by which we measured our lives, such as travel, entertaining, cultural and sporting events have either been prohibited, suspended or fundamentally altered in one form or other. With the threat of infection and illness combined with the consequent disruption to traditional working arrangements tied to bricks and mortar 10
workplaces, life focus shifted ever more acutely onto the importance of hearth and home and domestic life. As a result, a renewed emphasis was placed on the need for sanctuary, health and safety, space and access to the outdoors. Proximity to urban centres and all the associated attributes that traditionally attracted many to live in the downtown core and consider issues like walk scores, easy access to work, restaurants, theatres, galleries and public transit became not only much less important, but also potentially negative given that these things are usually associated with density and close interaction with others. The impact of this profound shift in priorities prompted many to reconsider their living spaces and chosen locations. Needless to say, and as is inevitably the case, the critical issue of affordability was also very much a factor in the mix.
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