With tighter mortgage regulations coming in January, some uncertainty surrounds the real estate market in 2018.
Real estate expert Karyn Filiatrault spoke with CTV’s Your Morning on Monday, to share the five real estate trends she expects in 2018:
Condo popularity will surge
“We have baby boomers that are downsizing and are liking the low-maintenance lifestyle,” she said. “We have families that have been priced-out (of the household) market–they’re moving into condos–and millennials love the ‘live, work, play’ lifestyle.”
Realtors will up their game
Filiatrault expects realtors will offer even more services when it comes to selling a home, including ever-more high-tech virtual reality tours.
Focus on a community, rather than a building
“It’s not just about putting up condos anymore,” Filiatrault said. “If you’re living in a smaller space, your extension of your home is actually the park outside.”
Prices will continue to climb, but at a slower pace
Filiatrault said real estate prices will continue to climb, but homeowners should expect household values to increase less than 10 per cent in 2018.
2018’s best places to buy in Canada
Filiatrault says Ottawa looks to be a hot spot for homebuyers in 2018, in part due to the cheaper prices in the area. Other hot cities for buyers include Toronto and Vancouver, she says.