As you know by now, I love attending real estate events where I can hear directly from industry leaders about what they’re seeing and where they think the market is headed.
Last week, I attended the Urban Land Institute’s annual Trends in Real Estate breakfast, which brings together people from the commercial, residential and development industries.
And surprisingly, the overall mood was fairly optimistic.
One theme that came up repeatedly was that we are now in a much more cost-conscious environment.
One speaker used a great example: we’re seeing more No Frills stores opening than Loblaws stores.
It’s a sign of the times.
People are still spending money, but they are thinking much harder about where and how they spend it.
Another major topic was seniors’ housing.
There are currently about one million Canadians over the age of 85, and that number is expected to grow dramatically over the next couple of decades.
The youngest baby boomers are now approaching 80, which means the demand for seniors’ housing, assisted living and eventually long-term care is only going to increase.
One speaker actually referred to it as a “senior tsunami.”
For many developers in the room, seniors’ housing is seen as one of the biggest areas of opportunity over the coming years.
AI also came up, of course.
For developers, its biggest benefit right now seems to be speed. They can access research faster, analyze information more quickly and make decisions in less time.
But one comment from the morning really stuck with me.
When asked what the most important issue of our time is, one of the speakers said:
It isn’t climate change. It’s housing.
And when the conversation turned to how we create more affordable housing, the answer was partnerships.
The Canary District was mentioned as a good example of public and private sectors working together, with a mix of market-rate and affordable housing created through partnerships with non-profit organizations.
Another interesting statistic: many Canadians are now buying their first home around age 41.
That means people are spending a much longer portion of their adult lives renting, which is one of the reasons newer rental buildings are focusing so heavily on amenities and creating a better overall living experience.
And when developers looked across the different areas of real estate, there wasn’t one clear story.
Seniors’ housing, hospitality, retail and office were seen as having stronger momentum.
Pre-construction condos and development land continue to face some of the biggest challenges.
Which leads to what may have been my biggest takeaway from the morning:
The Canadian real estate market isn’t recovering as one market. It’s recovering as many different markets.
And honestly, that feels very similar to what we are seeing in residential real estate every day.
One neighbourhood can be busy while another is quiet.
One property type can attract multiple offers while another sits.
One buyer can see opportunity while another still feels uncertain.
There really is no single real estate market right now.
If you have questions about your own next move, we’re here for you.
And if you need to buy or sell, don’t forget to call Davelle.
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