The Canadian Real estate market is quite dynamic. Canada, like most countries, has a robust real estate market. Moreover, things are never constant here considering that dynamics in both local markets have a direct impact on property process. This article sheds some light on some Canadian real estate trends.
Most people prefer renting over buying
Initially, most real estate investors and property owners preferred condos over other homes. Things have since changed, and this is may not be the case in most cities. It is has been established that most Canadians prefer renting a house over buying. This could be attributed to the fact that, they are trying to evade maintenance costs associated with Condos, which can be significant. This will certainly create a low demand and some instability in the condo market.
The election of Donald Trump as the United States president could have had an indirect impact on Canadian real estate. His victory is projected to reduce the dominance of Americans in Canada. This will lead to a growth of Canadian construction and engineering firms. Besides this, his win could result in immigration in Canada. Apparently, this means that apartments will be on demand. The effect of this trend is an increase in the value of residential premises.
No more construction
This is another trend expected in Canada real estate market. Construction activities a have reduced significantly in recent years. This could be because of market saturation. Inventors now prefer setting up residential premises in less developed cities. Besides this, real estate investors can consider putting up apartments targeting a given class of people.
Stable interest rates
One common feature of the real estate markets is fluctuating interest rates. Market factors such as demand mainly influence the rates. According to surveyors, it is projected that cities in Canada will have stable interest market rates. On the other hand, the southern countries may appreciate an increase in interest rates.
A drastic change in Montreal real estate market
Montreal real estate market is not popular among many investors. This has been the case for several years. However, this trend may end anytime soon as the Montreal market takes a positive turn. Difficulties in real estate market in other parts of Canada will serve as a business opportunity in this area. Real estate investors will take this opportunity. This will change the real estate story in this city.
These are a few projections expected to hit the Canadian real estate. At the moment, investors are expected to feel the heat considering that most people prefer renting. However, the good thing about real estate is that things happen too fast.