Shenzhen Eases Home Buying to Revive Sales in China Tech Hub
China’s technology hub of Shenzhen has joined other major cities in easing homebuying rules as authorities try to revive the beleaguered real estate market.
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China’s technology hub of Shenzhen has joined other major cities in easing homebuying rules as authorities try to revive the beleaguered real estate market.
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Apr 22, 2021
BNN Bloomberg
,Big city life is out. The suburbs are in.
At least that’s the case presented by a new poll from the Bank of Montreal, which suggests 47 per cent of first-time homebuyers in this country are looking to the suburbs.
More than one-third of survey respondents say they’re looking at smaller cities, while just 30 per cent of would-be buyers said they’re looking at a big urban hub like Montreal, Vancouver or Toronto. Of those interested in purchasing a home in a big city, most cite being close to work, and not wanting to leave the area they currently live in as the main factors.
Suburban and small-city shoppers are in pursuit of affordability, and a larger home — something that’s become increasingly important to buyers amid the work from home movement.
“With remote work expected to continue over the long-term, first-time homebuyers have the flexibility to look for a home that isn't necessarily next door to where they work,” said Hassan Pirnia, head of personal lending and home financing products at the Bank of Montreal, in a statement.
“Between this added work flexibility and price appreciation in some major cities, the expectation is that we will continue to see a push into the suburbs.”
The bank’s survey polled 1,000 Canadians who said they were planning on purchasing a home in the next 12 months.
Among them, 61 per cent said they want a detached home, 32 per cent said they are shopping for a townhouse, and just 28 per cent said they want a semi-detached house or a condo.