There have been many surprising and unexpected outcomes for businesses during the Covid-19 pandemic. The lockdowns have affected many businesses and caused many people to either lose their jobs or be furloughed for many months. Employees that can work form home have experienced a change in working conditions that may permanently change the way businesses operate.
It was anticipated that the pandemic would cause property prices to fall as job lay-offs forced people to sell their homes to make ends meet. Instead the property markets in many countries have recovered after initial falls as governments rushed to support mortgage payments and pay for employees to be furloughed.
The outlook for the Canadian residential property market still looks uncertain, although real estate agents are noticing a shift from urban living to suburban or more rural locations as home buyers benefit from working from home and consequently seek a better life-work balance and avoid long and expensive commutes.
Mortgage Business Opportunities from Changes to the Property Market
Changes in society always present opportunities for businesses and the shift away from urbanisation to outlying houses with more space can benefit many enterprising businesses in the Canadian property market.
Many people who have been fortunate to retain their jobs and work from home over the last twelve months, have saved considerable sums of money as they have been unable to spend on vacations and socialising. By not paying for the daily commute, or being able to travel to friends and relatives has boosted saving even more. This has helped people save towards a mortgage allowing some who saw their immediate future in rented accommodation, now considering buying their home instead.
As the residential property market recovers, those with savings are likely to be enquiring about mortgages, which presents an opportunity for new entrants into the mortgage market as well as increasing the opportunities for existing businesses. Agile and enterprising mortgage brokers will be looking to increase their efficiency by using a mortgage customer relationship system (CRM) such as that supplied by Blumortgage.ca that will allow them to compete more effectively within the mortgage market place.
Moving and Logisitics Opportunities
As people seek to move away from city centre living, and move into outlying areas, there will be opportunities for removal companies who are likely to be moving home contents over longer distances.
Many moving companies have seen a spike in demand, but it is not just the number of residential moves that are increasing. The shift towards agile and home working is forcing many businesses to rethink their property requirements, so as leases come up for renewal, businesses look for ways to lower their office costs by reducing their space requirements and also saving money by moving to less costly areas outside the traditional commercial locations in towns and cities.
This is presenting opportunities for commercial mover firms such as those at this website as well as companies that focus on residential property moves.
The pandemic has changed many aspects of society and triggered a surprising shift from urbanisation towards suburban or more rural lifestyles. As economies emerge from pandemic lockdowns and recover momentum, there will be considerable commercial opportunities for those businesses that are agile and entrepreneurial enough to grasp, and profit from, the opportunities that will be presented to them.