Predicting the future is an imprecise science. Determining expected trends is a blend of analyzing the statistics, making educated guesses and speculating. In predicting trends, it’s always advantageous to pay attention to the current landscape because while trends come and go, they usually have a significant effect on what we can expect for the future.
According to a report by Shupilov.com, a Montreal based real estate website, these are three trends that are already affecting the current real estate market that we should keep an eye out in 2019.
#1: New residences must evolve to meet new social needs
With the rise of telecommuters, self-employment, Airbnb locations, and ever-increasing transportation costs, the demand for home office space, and workspaces are on the rise as well. Developers are starting to pay attention and will continue to cater to these individuals.
Home buyers are also integrating more and smarter technologies into their homes that allow them to remotely operate and automate key functions around the home (such as thermostats, doors, locks, lights, surveillance equipment, etc.) Forward-thinking developers will do well to integrate smart technologies into their homes that provide a better “living experience” for its users and pay attention to the rise of tech-savvy homeowners.
#2. Technology’s increasing role in the real estate market
As artificial intelligence, machine learning and predictive analysis continue to improve and become more affordable to implement, we’ll see an increasing reliance on them in the real estate market. These technologies allow home buyers and sellers to have a better experience navigating the market, and make more informed decisions faster.
Data analysis technologies will allow builders and developers to identify demand niches, and cater to specific demographical needs. It will also allow for the development of better AI’s that can automate certain mundane and time-consuming tasks, such as data entry, and property comparisons much faster and with less human error and bias.
On the flip side, an ever-increasing reliance on technology and databases will shine a spotlight on the importance of cybersecurity and data collection regulation and oversight. It won’t be long before we see full-time “white-hat hackers” being hired by real estate firms in order to protect their data from malicious ones.
#3. Housing affordability and shifting demographics
As interest rates and property taxes increase, investors and home buyers will move from major markets such as the GTA and the GVA into other cities. Montreal and Quebec City have already witnessed a substantial increase in housing demand, and other cities such as Winnipeg, Halifax, Edmonton and Saskatoon are expected to follow suit in 2019.
Single-family homes will continue to rise in price in major cities around the country, and condo sales will remain high.
Thanks to a rise in online retail, and emerging demand for cannabis production facilities, data analysis centres, urban farming, and cryptocurrency mining operations, the demand for industrial spaces will continue to rise.
View all posts in this series
- Review of Zolo’s last year going into 2019
- Review of 2018 real estate market trends going into 2019
- Housing market correction: 3 things to know in 2019
- Forecast for Canada’s housing market in 2019
- Predictions from mortgage brokers on Canada’s housing market in 2019
- 6 design trends to look out for in 2019
- 7 furniture trends to watch for in 2019
- 3 real estate trends we expect to see in 2019