Whether you’re a real estate agent, a buyer or seller, or a small business investor interested in housing, the competitive pressures and economic uncertainties of 2017 have probably shaped your thinking about the market in 2018. Paying attention to residential real estate trends can help you find deals that make sense for both your investments and personal abode.
Trends in Condominiums
The condo market still shows steady demand throughout Canada, especially in major cities such as Toronto. Aging baby boomers and millennials, though opposite demographics, are snapping up condos in downtown cores. Boomers want to downsize by exchanging their single-family homes for new ones close to city amenities, while millennials are breaking into the condo market at the lower end. With student and rental housing tight in cities such as Toronto and Vancouver, investors are snapping up condos as well.
Trends in Single-Family Homes
The single-family home marketplace seems oversaturated with all those buyers flocking to the condo market. As the overall economic growth forecast looks limited for 2018, it’s unlikely Canadians are going to buy single-family homes in big numbers. Building trends reflect this, too: Today, two out of three homes built in Canada are multi-family dwellings rather than single-family, a huge increase from a decade ago.
Trends in Senior Housing
All those boomers aren’t just flooding into the condo market. Some are choosing to live with others from their generation in age-restricted housing. This marketplace has a lot of regulatory hurdles, so it may not be the best choice for neophyte real estate investors. The demand for quality senior housing is expanding, though, and that’s poised to continue.
Trends in Rental Housing
If you want to invest in residential real estate, don’t overlook the increasingly important market for rental housing. Cities that are running out of space for new construction are turning to redevelopment and urban infill, bringing mixed-use, multi-family developments to renters who like the affordability and convenience of these complexes. Whether it’s the ICE District of Edmonton, the condo-quality new rental units going up in Halifax, or the sustained growth of rental properties in Montreal and Quebec City, rental properties are booming across Canada’s urban centres. The trend is toward entire work-play-live neighbourhoods that blend wellness, entertainment, and retail options into the community.
Sophisticated Real Estate Tools
As marketing in this field becomes more sophisticated, real estate tools can smooth your way, whether you’re a real estate investor or agent. QuickBooks can handle tasks such as tracking your sales and investment data and keeping your client and investor lists updated. You can also use apps that link with QuickBooks to compile your expenses or track your mileage. In Canada, real estate agents can deduct a ton of expenses, and you need software that streamlines the documentation that goes with that process.
Whether you’re selling, investing in, or looking for a new home, paying attention to real estate trends is the key to success. And knowing that Canadians are city-bound, both for rentals and purchases, can help you make wise real estate investments going forward.