Real Estate Trends in 2023
Thursday Feb 16th, 2023
We put together this post to highlight "what we feel" the main real estate trends will be this 2023. Have a look and share your thoughts.
Invest now to receive gains later
Mortgage rate are currently higher than they were a year ago. But, just as you can refinance your home, you can also refinance a rental property when the rates come down. Plus, with demand so high, the rental market is anticipated to remain tight until at least the end of 2023.
New ways to use existing properties
Experts say the best renovation ideas when repurposing existing properties include multi-family housing units, warehouses, fulfillment facilities, data centres and self storage units.
Purpose-built rental housing
Rental properties in this category include housing geared toward immigrants, students, senior citizens and those who may not qualify for a mortgage under the country's stress test.
Rising rents tied to demand and supply
The rising monthly rents across the country are more a response to the shortage of rental inventory as opposed to increased interest rates.
The impact of immigration
Starting January 1, 2023, non-Canadians will be prohibited from purchasing residential real estate in Canada for a period of two years. However, the Canadian government is actively hoping to attract 1.5 million immigrants by the end of 2025 to help cover the country's labour shortages. As a result, the majority of those immigrants will be seeking a rental option.