What are the Biggest Real Estate Trends for 2018?

Foresight is very important if you’re interested in buying real estate. This is why learning about the real estate trends leading into 2018 is an absolute must. If you wish to take the plunge and own your first home this year, you might want to know what the market has in store for you.

So, what does 2018 hold for homebuyers? Here are a few of the most notable trends that you should be aware of.

1. Condos will still be in high demand.

With property prices continuously rising, even the suburbs near major cities experience an upward surge of prices in the recent years. Some experts recommend looking beyond suburbs for better-priced properties if you want to buy a house.

However, they’re not always the most practical options. The commute might not be worth it for some people, especially to those who have always lived in the city. This is why condos continue to be solid options for many homebuyers.

As condos will continue to let people enjoy urban living in the most convenient way possible, they are predicted to perform steadily in 2018. Unfortunately, their prices will also continue to climb in major cities.

2. Multi-family residential properties might become more common.

The availability of unique mortgage options now allows people to pool their resources to buy a property. This is why multi-family residential homes are becoming more common as of late.

With shared mortgages, extended families are opting to construct equally unique homes, allowing two to three households to live in a single residential structure. Experts say that the trend will continue in 2018 as these mortgage options can gain traction for its convenience.

3. More rental properties will be available.

The past few years aren’t said to be favorable to buyers due to the increasing property prices. Lots of people preferred to rent instead as a result. Most people continue to wait for the perfect time to buy their own homes.

With many renters looking for a place to rest their head in, it’s also a great time for those who wish to become landlords. This is why more rental properties are being constructed as of late. Not only do they provide more options for the people who are moving to the major cities to work, but they’re also giving investors more earning opportunities.

Aside from new rental properties, the number of homes for rent in the suburbs and secondary cities can also increase. Some people are now opting to buy homes in the suburbs while continuing to lease properties in the city. So even if they can’t afford the real estate where they live, they can still be homeowners. It also offers a good way to invest money.

4. Emerging markets continue to show promise.

Despite the predictions of many experts that real estate will slow down in major cities in 2018, the emerging markets will continue to sizzle. As expected, Vancouver and Toronto will continue their upward rise. Experts also recommend interested parties to keep their eyes on Edmonton, Calgary, Quebec City, Montreal, Ottawa, Saskatoon, and Halifax. These cities are all bound to offer new opportunities.

5. Watch out for re-developments.

With the influx of businesses and new residents to major cities, space has definitely become scarce. This is why industry players are becoming more adventurous and inventive. Re-developing older constructions are now deemed as practical solutions to create new spaces. Because of this, you can expect the continuous spread of “gentrification” or rejuvenation of old areas within major cities this year.

These are just some of the trends that will most likely take place in 2018. New trends can still emerge as the year goes by, so make sure to always stay tuned to the market’s changes and movements.