NEWS NOTES: EXPEDIA STUDY SAYS CANADIAN TRAVELLERS LOOKING TO SPLURGE; RE/MAX 2022 MARKET PROJECTION

by | Dec 2, 2021 | Real Estate, Travel

Post-pandemic travel days are upon us, and a new Expedia study says Canadians in particular are looking to splurge on their next luxury travel experience.

Related: Travel experiences: Sleeping in a glass-roofed igloo to view the Aurora Borealis

Expedia’s 2022 Travel Trends Report reveals around two-thirds of Canadians (61%) are planning to go big on their next trips with a new “no regrets” style of travel. Travellers are looking for more transformative and fulfilling experiences, and they’ll pay for it.

That comes out of an appreciation for travel after nearly two years of pandemic living, plus more of a health and wellness focus. Expedia reports a spike in demand for destinations like Maui, Rome, and Bali.

Luxury travel: No holding back

Expedia polled 12,000 travellers across 12 countries. According to the study, Canadian travellers are planning to be more present and live in the moment. They want to immerse themselves in culture, splurge on experiences and seek out excitement. Canadians crave feelings of contentment/mental wellbeing (41%), gratification (35%) and excitement/exhilaration (36%).

French Polynesia, Photo by Vincent Gerbouin from Pexels

Scrapping the schedule and going for a “splurge-cation”

The pandemic made it almost impossible to travel. You couldn’t do anything on a whim, with 41 percent of Canadians admitting to being less spontaneous since the onset of COVID-19. While travel advisories and guidelines will persist for the foreseeable future, travellers nonetheless are planning to embrace the impromptu and let loose on their future trips. The study says 27 percent are seeking to be more spontaneous and live in the moment.

Expedia’s research also found travellers are preferring to go impromptu and forgo an itinerary (22%). They want to embrace the freedom to do whatever they want, whenever they want (29%).

Image: Pixabay

Luxury travel: A new urge to discover

No surprise, after two years of Netflix: Canadians are ready to step outside their comfort zone (20%). They are looking to dive into destination, culture and experiences that are completely unlike their own (25%)

That includes trying food they’ve never eaten before (37%). It means experimenting with local delicacies (36%), visiting a destination they never would have considered pre-pandemic (19%). Canadians are open to staying with a local family instead of booking a hotel (13%). Or, they’re more open to seeking more rural, off-the-beaten track experiences (25%). Travellers have a new curiosity to learn something new and truly experience the world.

RE/MAX projects continued rise in residential sales price nationally in 2022

RE/MAX Canada estimates a 9.2 per cent increase in average residential sales prices across Canada, according to their just-released 2022 Canadian Housing Market Outlook Report.

The ongoing housing shortage as well as inter-provincial migration are the key drivers in that, according to RE/MAX. The report is based on surveys of RE/MAX brokers and agents.

“Based on feedback from our brokers and agents, the inter-provincial relocation trend that we began to see in the summer of 2020 still remains very strong and is expected to continue into 2022,” says Christopher Alexander, President, RE/MAX Canada.

“Less-dense cities and neighbourhoods offer buyers the prospect of greater affordability, along with liveability factors such as more space. In order for these regions to retain these appealing qualities and their relative market balance, housing supply needs to be added. Without more homes and in the face of rising demand, there’s potential for conditions in these regions to shift further.”

Survey: Canadians bullish on real estate investment

Canadians believe real estate will remain one of their best investment options for 2022. According to a Leger survey done on behalf of RE/MAX Canada, 49% of Canadians remain bullish. On top of that, 49% of Canadians remain confident the market will remain steady next year.

In Western Canada, the Calgary and Edmonton markets in particular evolved into a seller’s market in 2021. Brokers and agents there expect that to continue in 2022. Inter-provincial migration, in particular from Ontario and British Columbia, was driving demand. Vancouver/Greater Vancouver is expected to remain a seller’s market in 2022, providing inventory stays tight and current demand continues, according to a RE/MAX broker in Greater Vancouver Area.

Vancouver prices are projected to increase 5.5%, Calgary and Edmonton, 2.5% and 7%, respectively.

Big projected uptick in prices out east

In the Toronto area, an increase in immigration is expected to also impact supply and prices. Toronto prices are projected to increase 10%, Oakville 7.5%, Mississauga 14%. Out east, Halifax prices are projected to rise 17%, Moncton a whopping 20%. That’s due in large part because of inter-provincial travel, especially from Ontario, as people seek greater liveability and affordability.

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