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The pandemic has flipped the rulebook on longstanding real estate trends and processes. The flight to single-family homes and suburbia and the increasing role of virtual reality and digitalization in the home buying process has created lasting changes in the industry. Low mortgage rates over the summer led to a 7% increase in national home sales in September. Entrepreneurs and investors are flooding the hot housing market too.

Demand for Canadian luxury properties shifted into high gear from coast-to-coast in 2021 as both domestic and non-resident consumption of tangible assets such as residential real estate reached new levels, according to a report released this week by RE/MAX Canada.

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for December 2021 shows mortgage applications for new home purchases decreased 7.1% compared from a year ago. Compared to November 2021, applications decreased by 5%. This change does not include any adjustment for typical seasonal patterns.