What real estate trends to expect in 2019

According to the Canadian Real Estate Association, here’s a preview of what trends you can expect in 2019:

  • Steady home sales despite rising interest rates – National home sales are expected to remain unchanged in 2019 versus year ago. However, Global News is reporting that interest rates are expected to increase between 2.25 and 2.75%.
  • A new reality – popular technologies such as virtual reality (VR) and drones will be used more in real estate making it easier for home buyers in 2019. Drones can show you a bird’s eye view of a potential property, while VR lets you explore the inside of a new home all from your computer or mobile device.
  • More “smart” homes – Currently, 13.9% of Canadian homes are “smart,” but this is expected to grow to 35% by 2023. A “smart” home means various parts of the home are connected to the Internet, including security systems, heating and cooling, lighting, appliances and more. Products like Amazon Echo, Google Home and Apple Homekit act as automation control hubs where you can then operate everything from your smartphone.
  • Becoming more environmentally-friendly – The environment is becoming more of a priority in 2019 even for homeowners. This trend includes the use of sustainable building materials that have a smaller carbon footprint, using alternative/renewable energy sources (e.g. solar panels), and buying and using energy-efficient materials and items (e.g. appliances).

If you are looking to make some upgrades to your home or looking to buy/sell in 2019, these are some things to consider.