Housing Trends to Watch in 2018

Housing Trends to Watch in 2018

Are you looking to buy a new home or rent a house in 2018? Then you should be prepared to deal with the changing business and investment opportunities in the real estate industry. With more and more Canadians eager to buy a new property before the interest rates start to go up, the Canadian residential real estate market is forecasted to be hotter in 2018 than ever before. So what are the top housing trends that you should watch out for this year? According to a leading Montreal real estate broker, these are some of the top trends that will shape the real estate market in Canada before the end of 2018.

Banks Will Start to Diversify Mortgage Options

This is already happening since most homeowners; especially those who acquire investment homes already have more loan opportunities. Banks and other lending institutions are actively and aggressively pursuing prospective buyers to expand their client base. Although banks have always been tight over the years, they are slowly starting to open up lending and are already offering many more diverse loan options to prospective property owners. A Montreal real estate broker observes that the increase in the lending is opening up the market to so many home buyers.

The Millennial Peak

Today, millennials make up the majority of homebuyers in Canada. As this group turns a year older, most of them will be moving towards an increase in their monthly/annual pay and a high number of them will be looking forward to buying their first homes. This is an exciting market group since they are different from the Baby Boomers in every aspect of their lives. Various statistics indicate that the Millenials could make up to 45% of the buyer’s market in Canada before the end of the year.

Smaller Living Spaces

Still, on the point of Millenials, this group of homebuyers is looking at housing differently. With most of them having kids later on or not at all, you can expect a sudden surge in smaller living spaces. There will also be an increase in condos, starter homes, and townhomes. You should also expect an increase in the number of tiny apartments and mobile living spaces to accommodate the increasing number of Millenials who are working.

Expect Housing Shortage to Spur Creativity

Research also indicates that the baby boomers are overstaying in their homes which limits options for the high number of young people who are looking to purchase their first property. This trend is giving home builders an opportunity to get creative with their limited offerings. In 2018, we should expect to see more young people co-living and a surge n multi-use and community spaces.

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