The real estate industry is a shifting one. As housing needs continue to change for baby boomers and millennials, single-family and multi-family properties are being favoured.
Affordability continues to be at the top of the priority list all over the country. City officials in many areas have even resorted to changing zoning bylaws to accommodate affordable housing, especially in high-cost markets. Affordability is a catchword in most instances—not just in lower-income households.
The Co-Living Movement
Even in those areas that were once considered low-cost, affordability is at a premium. To combat escalating housing prices, people are choosing to share spaces, no matter what their ages. The trend has taken on the moniker of a popular television show from the 80s—living the Golden Girls model. Co-living is making the pocketbook healthier and also creates a sense of community and friendship. In light of the technological age in which we’re living, more people are looking for ways to connect personally and co-living might fit that bill as well as being financially helpful.
Hipsters in the Hipsturbs
Many people want to live, work and play all in one area and not necessarily in a downtown core, so the hipsturbs were born. These popular suburban areas offer pluses like easy access to public transit, walkability, an eclectic mix of shops and restaurants, and a myriad of recreation choices. They have become very successful adjuncts to urban centres since they’re relatively close to downtown areas, so they still have that urban vibe.
The Still-Active Boomers
The baby boomer generation is continuing to be active long into their twilight years—positive news for housing in downtown areas, as well as the newly-coined hipsturbs. Many seniors choose to stay in the workforce longer, so look to areas closer to their workplaces. Millions of Canadians over the age of 65 are remaining in the workforce which has a definite impact on the real estate market.
People are looking to belong to a community, to have a sense of place in that community. When it comes to real estate, investors are looking at sustainability. Millennials especially look to environmentally- and socially-conscious practices, which they include when considering real estate dealings.
Consumers are drawn to different real estate markets for different reasons, so specialization in the industry continues to be a hallmark. And technology continues to have a bearing on all property types, including single-family homes and co-op communities.