Elon Musk is revolutionizing the world again, but this time his impact could greatly affect the Canadian real estate market.
Tesla founder Elon Musk has been busy launching clusters of low-orbit satellites into space with the hopes of providing everyone, anywhere with high-speed broadband internet access. That means people on a remote island in Temagami to people living off Main Street Newmarket, could receive the same high-speed internet for the same price.
Starlink is Musk’s new high-speed internet service provided by SpaceX. It was approved by the CRTC and has recently been made available to select users for beta testing. In fact, I have signed up for my cabin in remote Quebec!
With many of us working from home these days, Starlink could encourage Canadians to move to cheaper, rural areas instead of being tied to expensive cities. Homebuyers would still be able to conduct their online business’, stream their favourite shows and connect with loved ones anywhere in the world.
The obvious advantage of moving to a rural area is the affordability. Buyers will be able to build their dream homes for a fraction of what it would cost to buy a home in densely populated areas.
With a potential push from large cities to rural areas, we could begin to see a dramatic increase in prices on rural land. We might also see the inverse of prices in high-demand urban centres come down. We may also see the blossoming of newly developed areas all across Canada. The opportunity to be connected everywhere could be exactly what Canada needs to grow in underserved areas.
As many Canadians who own a cottage or cabin in remote areas know, internet access has always been considered a luxury. With most of us struggling between installation, slow bandwidth, or being cut off completely, Starlink could be the answer we have been looking for. It could also encourage more Canadians with second properties to convert them into permanent year-round homes.
The other advantage of satellite internet is the ability to provide those in remote locations, such as First Nations communities, with quality online education. Through each COVID-related shutdown, Ontario schools have experienced in this last year, we’ve seen the value and the need for online education in certain sectors.
Elon Musk and SpaceX are continuing to expand our world and our connections. Starlink could be the first of many technological advances we see that helps get all Canadians connected. With plans to launch 42,000 satellites, Starlink is only the beginning of an exciting new chapter in the Canadian real estate market.
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