There are three major social and technological movements that may create change the world of real estate in 2019. This include:
- The way people live and work is becoming increasingly remote.
- The emergence of VR, AI, autonomous vehicles, and other disruptive technology.
- Uncertainty in economic markets has pushed all industries to address affordability as a forefront issue.
With all of these evolving movements we must ask: How will real estate adapt? Will the real estate industry innovate too? Moving into 2019, these are some trends that we expect to see in the real estate industry:
Meeting evolving social needs
As residential living spaces become increasingly adaptable, they must cater to a more diverse set of needs, while still maintaining enough uniqueness to drive buyer desirability.
Technological transformation in real estate
Real estate is required to integrate technological innovations such as immersive virtual reality, machine learning and predictive analytics as a means of providing creative consumer experiences for clients.
Affordability concerns and new investment opportunities
As property taxes and interest rates rise, and with many Canadian real estate markets shifting into a heated seller’s market, investors will look beyond their own markets of residence in search of investment opportunities. Affordability concerns are in all markets including the single-family residential market, condominium market and the commercial space market.