Real estate, like fashion and interior design, is subject to trends. It always changes, and it’s affected by population trends, technological developments, and economic realities. However, it’s not all that difficult to anticipate real estate trends in Vancouver and other large cities in North America. They’re based current data so predictions are quite reliable—unless something else dramatically changes.
In the meantime, whether you’re a buyer, seller, or an investor, here are some trends that you need to be aware of. Many of these trends are due to the particular needs of different demographics and age ranges. So here are some trends you should expect for 2018 and beyond.
More Condo Sales
In the past, more interest has been given to detached houses. Today, real estate investors are offering more condo units to satisfy the various needs of different demographics.
Many homeowners may want condos as their place of residence for several good reasons. For many people whether young and old, it’s because of the price. Younger homeowners still have to worry about their college debts, and their salary isn’t as high compared to their older counterparts earn. So if they’re looking for a place to own, a condo is what they can afford.
Older folks nearing or in retirement age are also looking to downsize and live in more modest spaces. Condos are more affordable than detached houses, and besides, there are lots of condos available in many cities today. Since condos are located in the city and not in the suburbs, older folks won’t have to drive around too much to get to the places they want to go to.
Greater Tech
Younger folks, especially the Gen Z kids who were born starting from 1995 to 2001, have grown up with lots of gadgets and Internet. These are services that condos need to offer if they want to get the attention of these tech-savvy generations.
You may also see more homes sold with preinstalled smart automation available for buyers. These recent years have seen a higher demand for turnkey homes, and now an increasing number of people wish their homes also have smart gadgets already set up and installed in the homes. These can then automatically control various facets of daily living, from lights and security to HVAC systems.
Smaller Rooms
In North America to Asian cities like Tokyo and Hong Kong, there has been a rise in the availability of micro-units. These are very small apartments and condo units that are good enough for a single individual. They’re much like bedrooms.
It’s not just the low prices of these units that are propelling this trend. It’s also the fact that urban space availability in the city is finite and limited. City populations keep increasing. To accommodate all these people, it stands to reason that residential units would become much smaller.
Specialist Real Estate Agents
Historically, real estate agents were able to handle just about every type of property is available. That’s because the process of offering and selling real estate remained the same regardless of the circumstances.
Now agents are specializing so that they can deal better with specific demographics and particular needs. Some may focus more on luxury homes, while others may deal with high tech houses. There’s of course still a huge market for simpler and affordable homes as well.
All these trends are expected for the coming 2018. But then you need to be aware that unexpected new trends are always possible. There’s no such thing as a sure thing, and that’s especially true in real estate!
