According to the experts, it’s easy to identify the top trends for real estate in 2018. The pace of housing has definitely picked up, and prices keep rising despite warnings of a bubble in the last few years. Even with stricter mortgage rules, more and more people are buying new homes. Even foreign investors continue to gobble up real properties, despite the foreign buyer’s tax.
Here a few trends you can expect from the 2018 real estate industry in Canada:
- Toronto and Vancouver will continue to be hotspots of real estate activity. People just want to live and work here in these cities, and developers are busy providing housing for incoming residents. The real estate in these markets may experience a slower increase, but it will still steadily growing. These hotspots may soon be joined by Ottawa, and part of the reason for that is because the prices in the area are low. For investors, they can easily flip the properties for a profit.
- Condos becoming more popular than ever before. It’s as if every downtown area in every city has a developer currently putting up a condo building. But their reasoning is quite understandable since many different types of people are looking for condos (instead of detached homes) to suit their situations.
Millennials and other young adults obviously love the urban setting of condos, as it’s a home where every sort of convenience (including the workplace) is easily accessible. They’re having the time of their lives, with gyms in condo buildings, and restaurants within walking distance.
Some families also settle for condos simply because they’ve been priced out from the more expensive homes. The baby boomers are also going for condos since they’ve sold their old homes as their children have families of their own. With condos, maintenance is much easier and that’s better for seniors.
- Look at the listings, and you may find more than a simple description of the properties agents have for sale. Instead, these ads may offer links that can enable potential buyers to enjoy a virtual tour. As competition in the real estate industry becomes sharper, more agents are trying to stand out from the crowd by using these latest high tech developments.
Drones are also becoming more popular in the real estate industry as well. Attach a camera to these flying devices and you can get dramatic photos as well as an accurate view of the breadth of the property. For luxury homes, the photos from drones can really emphasize the grandeur of a large and beautiful home.
- A few years ago, condo developers were trying to outdo each other by offering the best services and conveniences in their condo buildings. So residents often have access to swimming pools, gyms, salons, and coffee shops as part of condo amenities.
But today, the focus has grown to the community outside the condo building. Condo residents are no longer as insular as before. Now they prefer condo locations that include a nice park right outside their building. These perks can include friendly small shops and delis that can help condo residents make friends with their neighbors in the community.
As we enter 2018, let’s see if these real estate trend predictions from experts will indeed come true.