Earlier this week, Canada opened its border to those coming in from the US. What can we expect from this update?
The regulations for crossing the border
Americans visiting Canada must show proof of vaccination and negative Covid test results gathered within 72 hours of travel. There are other requirements, such as document handling, and you can find the necessary info here: USA Today
"While Canadian borders have reopened, Americans can't just hop in a car or on a plane. Travellers will need to submit proof of vaccination and other travel details to the Canadian government's ArriveCAN platform at least 72 hours before arriving in the country, whether travelling by land or air." (USA Today)
Who is crossing?
The first folks in line appear to be those hoping to visit family across the border. Next up are those checking on the properties they own in Canada.
Will this change affect real estate prices?
This could affect real estate prices. Prices have been rising continuously for months, but lately, the prices have been called into question. One area that was doing incredibly well during the lockdown in 2020 is vacation properties. Now that the border reopens, this is one area we expect to pick up again.
Many Americans were expecting to go back to working full time in office by September, but those plans have changed since the rise of the Covid cases across the US.
"The delays kicked off in mid-July, when Apple Inc. said it wouldn't ask employees to come back until October at the earliest. It's been followed by Alphabet Inc.'s Google, Microsoft Corp. and Uber Technologies Inc.—which all also set an October reopening target. Lyft Inc. shifted its timeline all the way back to February. And on Thursday, Amazon pushed its plans to January.
Many companies (Facebook Inc., Microsoft and Google, to name a few) will require employees that do come in to be vaccinated, and others (Lyft, Facebook, Uber and more) are also requiring masks in the office even while seated at a desk." (Bloomberg)
With the ability to continue to work from home, and the continued difficulty entering the US from Canada, many US citizens may opt to stay longer. We expect to see an increase in vacation home investments.
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