In the last few years, housing has been one of the only bright spots in an otherwise difficult time. Home values have skyrocketed, and buyer demand is at an all-time high thanks to mortgage rates hitting historic lows that made owning or buying property more affordable than ever before.
In reality, though there is always some shift, you can't count on things remaining stagnant for long, so while this industry in Calgary real estate may appear lucrative right now.
Do not get too excited because trends come and go very quickly, which means your success will likely depend heavily upon local conditions, which change from place to place.
The housing market is constantly changing. Unfortunately, this means that there are a lot of trends for professionals in the industry to keep up with, and it can be difficult not knowing what changes will happen next.
Luckily, we researched real estate fundamentals, so you do not have any surprises.
Trends in Real Estate You Want To Know
Let’s delve into elusive business opportunities you need to check out:
1. Increased Demand for Spacious Place
With the pandemic, people are demanding more livable space. We have seen an increase in demand for residents to move into a single-family rental property and gain indoor and outdoor living spaces attached to their unit.
Many of those moving here do so without seeing any previous properties they plan on renting but will take what's available when it comes up for sale or rent because most don't want others interfering with how much time you spend outside your house.
It means homes need now accommodate all activities happening inside them, including working out at home gym equipment needed school work-study areas, etcetera.
2. An Agile Workplace
We're witnessing a shift to agile and flexible workplaces as the world returns to normalcy. As businesses continue their search for the best office space, they'll be looking at shorter leases that offer greater flexibility to reduce dependence on one headquartered building.
While still having enough room if need be with lower capital expenditure overall than before pandemic or economic uncertainty occurred.
3. Infrastructure Enhancing Health
The built environment is an essential determinant of one's health and wellbeing. It can be seen in how people have chosen to improve their conditions through design.
For example, by building green homes that are healthy places with efficient heating systems or cool air conditioning units that use less energy than traditional ones do.
4. Outdoor Amenities
With people spending more time at home, they must live in an environment where their pets and loved ones can enjoy the outdoors too.
Buildings near parks have always been in demand with renters who want convenience but also get some peace of mind knowing there are no cars on busy streets nearby when not being used for parking.
In the coming years, we expect tenant populations to flock towards residential properties providing these amenities.
5. Demand For Experienced Agents
With people becoming increasingly savvy, transactions will be driven by the best-in-class. As such, we'll see less turnover in part-time positions while high-performing agents continue organizing into teams that facilitate a larger share of total business interactions.
Even if this means they have fewer individual engagements at any given moment than their counterparts ten years ago or so.
Start Transforming The Industry
Despite a slower growth rate, Calgary real estate is still optimistic for the future.
With mortgage rates predicted to remain lower than five percent and demand expected to continue strong among millennials entering homeownership later in life as they start their families or buy larger starter homes closer to schools/workplaces.
Prices will likely not rise much more before stabilizing at higher levels again.
