Working from home has been a significant influence on housing markets. Find out more.
Even within the same city, the authors found evidence of a decline in the premium that buyers associated with proximity to employment hubs. WFH, they observed, tends “to flatten intracity house price gradients, weakening the price premium associated with good job access.”and its suburbs supports those assertions. The City of Toronto is surrounded by suburban municipalities often referred to as the 905 suburbs, a reference to the telephone area code those areas share.
The demand for housing in the 905 increased noticeably higher than in Toronto after March 2020. The first peak in demand was in the summer of 2020, followed by a growing gap in sales volume that peaked in March 2021, when two times more homes were sold in the suburbs than in the city. By comparison, suburban sales volume was 82 per cent higher than in the city in March 2019.Article content
These findings have significant implications that extend beyond housing. “WFH imposes capital losses on real estate owners in high-productivity cities,” Brueckner and his co-authors said. The post-pandemic increase in office vacancies in large employment hubs has even more significant implications for those with extensive office real estate portfolios.
The authors further observed that the increase in demand for suburban housing would be a relief for renters in high-productivity cities. But we did not see supporting empirical evidence in Canada, where rents have sharply risen in large and small cities in the past year. The likely reasons for rising rents are a lack of sufficient supply for rental housing and that some renters who would have bought homes, and transferred to ownership, rented for more extended periods when housing prices started to decline in March and April of 2022.Article content
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