While it is quite impossible to predict the future, economist often deliberate on the numbers of new housing starts, unemployment rates, interest rates, inflation, and some other vital figures, in order to make educated guesses at what could happen in the future of the housing market. Below are some of the housing trends that have been predicted for 2017 and could help you gain an edge on the market!
THE TRUMP CARD
Now that the United States have a new president, Donald Trump, a lot of speculation is going around about this being a major implication for the global economy, the Canadian housing sector included. According to some economic researchers, some changes are to be expected in the Canadian housing sector. This is because during the elections, Trump said he was going to pull out of a lot of trade treaties and execute some new restrictions and tariffs on trade. If he pulls through with everything he said during the elections, things are likely to go haywire in the Canadian housing sector.
THE GROWTH OF INDUSTRIAL PROPERTIES
Industrial properties are widely seen as the place to bet in the current market. This is a result of the fact that online shopping has created much more needs for logistics and distribution hubs. While some may be worried about how tough it is to find the right type of property suitable for this development, others are pointing out that it is becoming tougher to gain value out of residential developments and offices.
MORE OF PURPOSE BUILT FAMILY RENTALS
The market for purpose built family rentals have grown to become better than it has been in years. This is as a result of rentals gaining more ground due to the demographic shifts and rising house prices, along with aging housing stock across the country. According to studies, investors and developers are increasingly keying into this opportunity and are willing to get new rental projects going on, should the economics work out.
MORE POPULARITY FOR URBAN MIXED-USE DEVELOPMENTS
As the proximity to work, a vibrant lifestyle, and convenience are pushing boomers and millennial alike to urban cores, economists believe that the urban mixed-use market is going to be in a more solid play. These urban-mixed use properties are those combining office, residential, retail and more. It is expected that developers will abandon seeing projects as standalone in their surroundings, all in the support of building complete neighbourhoods.
A LIKELY GROWTH IN RETIREMENT HOMES/SENIOR'S HOUSING
Studies that are sensitive to the potential in the population of the aging but wealthy boomer, are of the belief that investing in retirement homes and some other senior housing projects will, on the long run, be a growth opportunity. Whether they can achieve this at the scale needed to render both care and desired profits remain unseen.
Another housing trend expected this year is home automation. Home automation seems like it's going to be the next big thing in home renovations. A lot of home owners are already equipped with the ability to monitor the security systems in their homes, adjust their thermostats, and open their doors remotely via some apps installed on their phones. But 2017 is looking to improve this smart homes with some appliances that you can start from afar, or contact their manufacturers directly should any issue come up.