We have seen several key trends in real estate the past several years. There has been a period of growth in recent times and the effect on the real estate market has been marked. Several trends are worth acknowledging in an effort to better understand their potential impact.
Sustainability is an emerging trend worth noting. New builds are constantly reflecting the desire of the market to produce more environmentally-friendly homes with more efficiency in regard to energy consumption as well as the materials used to build. There has also been a growth in the area of retro-fitting existing properties with more and more green-minded alterations.
There has been a period of huge growth in real estate in recent times. Although there has been a bit of a plateau nationwide recently, certain growth trends look to continue. New builds can only sustain a portion of the market demand for real estate. Existing assets will likely continue to increase in value as a result of market demand in key growth communities.
Look to see more growth in Western Canada as more and more workers look to areas in the west of the country for emerging employment opportunities. In addition, growth in the Greater Toronto Area should continue unabated as well.
As a result of growing urban markets, the suburbs look to be an area of potential key growth. The areas surrounding the major metropolitan centres should continue to see their markets surge.
When it comes to interesting trends in real estate, perhaps there is no better example than the use of technology. More potential buyers (and sellers) are using web search for research purposes. Sites such as MLS continue to be very popular with users. In addition, the use of apps is on the rise, as is using Google Maps to scope out an area relatively quickly.
One thing is for sure, the market is changing very quickly. Any price comparisons older than a few months are almost obsolete. Having a good real estate agent to rely on is as important as ever.