If there’s one sector that could be forever changed by COVID-19, it’s real estate. Whether it’s the increase in remote work or wave after wave of lockdowns, people’s ideas about where and how they should live have shifted. In many cases, this has driven a mass exodus out of claustrophobic downtown high-rises and into the spacious neighbourhoods of suburbia.
While some might assume this trend is limited to home ownership, about 30% of the population rents — and many of them are also experiencing this change in perspective. Jason Jogia, chief investment officer at Avenue Living, a Calgary-based real estate and investment business, sees this happening across the many rental properties the company owns and operates.
“Internally, we are dubbing that the ‘flight to affordability’,” he says.
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