Article written by: Elyse Umlauf-Garneau – www.sres.org
When you’re weighing real estate values and considering the health of a potential retirement venue, it’s normal to look at the traditional consumer-oriented publications and measures. But a bird’s-eye view of the market and a peek at what professionals and investment experts consider can actually yield some interesting insight as well. Emerging Trends in Real Estate®, Canada and United States 2015 is one resource that provides such information. The report is produced by Urban Land Institute and PwC.
Some of the report’s key takeaways –not just housing information, but also development and social trends –for you includes:
- Urban lifestyle. Driven by work and lifestyle choices, people are flooding into city centres and they’re adapting to less space.
- Urbanization. Urbanization has become one of the key forces shaping Canada’s real estate markets. Once viewed as an emerging trend, urbanization today is simply the “new normal.”
- Young workers. Younger workers in particular—though not exclusively—continue to flock to the urban core, preferring to work where they live, rather than take on long commutes. This continuing urbanization trend has fueled the condo boom in Toronto and other cities.
- Affordability. One concern is whether young families will be able to afford single-family homes at all. If baby boomers opt to stay in their homes rather than sell them, the market for detached single-family homes will only tighten. As the supply of lots available for new detached single-family homes dwindles, prices will only continue to rise—beyond the reach of ever more Canadians. There may be an increase in the number of multigenerational homes in the years to come as a result.
- Buoyant housing market. The housing market remains largely buoyant and housing prices remain high. Buyers are using existing home equity to move up into pricier homes and parents are helping their children get into the property market.
- Calgary’s health. Calgary is the strongest market in the country and Edmonton has seen development in the urban core and the addition of 31,000 jobs in the past year.
For more, see http://www.pwc.com/en_CA/ca/real-estate/publications/pwc-emerging-trends-in-real-estate-2015-en.pdf and http://read.ca.pwc.com/i/426113?utm_source=page&utm_medium=referral&utm_campaign=emerging-trends-2015-infographics