A few industries are as fast-paced and ever-evolving as the real estate industry. Every year, new market trends and homebuyers’ preferences completely reshape and evolve the Mississauga real estate market. And 2024 is going to be no different! Driven by economic factors, housing affordability, and evolving buyer needs, the real estate market is set for a fascinating mix of challenges and opportunities this year.
Below is a snapshot of what to anticipate in the 2024 real estate market - key trends and insights. Understanding this future outlook will undoubtedly be beneficial for a real estate brokerage in Mississauga team who wants to stay ahead in the real estate game this year.
Trends Expected in the Real Estate Industry This Year
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AFFORDABLE HOUSING
As a real estate professional, you must be well aware of the housing affordability crisis in Canada. Despite the efforts by the government to combat the crisis, housing affordability has gotten worse recently. According to the Bank of Canada, housing affordability is at its worst in over 40 years.
This year, also, the housing affordability crisis has been looking anything but improving. As of January 2024, the national average house price has increased by 21.4% year-over-year.
Adding to this pressure are rent prices consistently heading north. The rent prices in Canada had reached their highest point in 30 years as of August 2023.
This crisis situation will likely push individuals and families to look for affordable housing options rather than waiting for the affordability crisis to improve this year. This means your real estate brokerage will see an influx of clients searching for smaller single-family homes, condos or properties in less expensive regions.
To keep on par with this trend, find out neighbourhoods in Mississauga where there are affordable properties and comparatively low cost of living. Learn all the ins and outs of these areas along with particular housing types to best guide your homebuying clients on a budget.
Your real estate brokerage in Mississauga team also needs to stay in the know about the latest government programs available to provide financial assistance to homebuyers. Build a network with reputable mortgage lenders who have loans specifically designed for first-time buyers featuring lower interest rates.
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AN INCLINATION TOWARDS SUBURBAN AND RURAL AREAS
This preference shift among homebuyers towards rural and suburban areas began after the COVID-19 pandemic. Lockdowns and increasing remote work opportunities made homeowners crave for larger living spaces away from the hustle and bustle of city life. This trend continued in the real estate industry until 2023 as remote work stayed prevalent in many companies.
We expect this real estate trend to still keep going on in 2024 because of the affordable housing demand. Property prices in the Mississauga rural and suburban areas are comparatively cheaper than more metropolitan areas.
To adapt to this trend, your real estate brokerage can consider property listings beyond the traditional Mississauga city centre. You can try to connect with home sellers in suburban and rural areas.
While marketing these rural areas properties, try to highlight benefits in a creative way such as affordability, space, and access to nature. Also, make sure your real estate team knows all about the specific needs and preferences of buyers interested in suburban and rural living.
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REAL ESTATE DATA ANALYSIS
Real estate data analysis is the process of assembling, analysing, and interpreting market data. On some level, real estate brokerages in Mississauga have always collected and used data to help clients make informed decisions while buying/selling properties.
However, the granular level of real estate data that can now be aggregated along with the tools developed to understand and analyze this data is a new evolution in the real estate industry. Your property brokerage firm can harness this power of real estate data analytics in many cases.
For instance, you can now evaluate the price of a property more better and accurately. By analysing data such as location, market trends, comparable properties, or size, AI tools can give you more effective property valuations.
Also, by analysing data on historical pricing, supply and demand, and economic factors, your real estate brokerage can identify market trends and make predictions about the future market. You can use this data to help your buying and investing clients make profitable real estate decisions.
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VIRTUAL REALITY (VR) AND AUGMENTED REALITY (AR)
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77% of homebuyers physically visit a property only after taking a virtual tour.
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Virtual Reality features can cut the amount of time required to close a real estate deal by half.
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33% of home buyers made a bid on a property without even seeing it in person, often through VR tours.
In recent years, many progressive tech trends have evolved the real estate industry. However, no technology has been as transformative as the VR and AR.
Allowing homebuyers to visualize and tour spaces like never before, VR and AR have truly been a game-changer. And don’t think this VR and AR technology is fading anytime soon in 2024 or beyond.
According to a recent survey completed by the National Association of Realtors (NAR), 67% of real estate brokerages in Mississauga are planning to spend money on VR and AR tools in 2024. Your real estate team must also pay attention to staying ahead in this VR and AR trend, finding ways to embrace this technology in your business.
The most obvious area where you can use this real estate technology is in property showings and open houses. We are not asking you to replace in-person open houses with virtual tours. However, you can provide virtual tours as an alternative to physical property tours to out-of-town homebuyers and investors.
You can also explore the possibilities of virtual reality home staging. You can paint the walls of a property listing, add furniture to an empty room, and even show the potential of a backyard to buyers by adding a virtual pool.
Read More:
- Investigating How a Real Estate Brokerage's Expertise and Engagement Shape Mississauga's Housing Market Dynamics
- Elevate Hamilton Property Worth and Appeal: Strategic Renovations with Highest ROI
In Conclusion
Overall, the real estate industry in 2024 will present a landscape of innovation and adaptability. Real estate brokerages who can embrace and stay ahead of these trends, leverage technology, and remain attuned to shifting buyer preferences can position themselves for success in a dynamic and ever-changing industry. So, brace up to capitalize on the emerging real estate trends and opportunities coming this year and the next many years.