The Institute’s Luxury Market Report is your guide to an analysis on the trends and comparative data on the top-residential markets throughout Canada and the United States.
This month’s reports looks at why its important to understand emerging trends when the real estate market is static.
At first glance statistics in the overall North American luxury market show very little change in the demand for properties, number sold, average values and days on market. However, when digging a little deeper it becomes increasingly clear that money has been shifting gradually into new markets. Today’s home purchase decisions are based on choosing properties that offer a lifestyle with experiences and amenities.
The report recognizes two significant demographics are having the greatest impact on these trends – millennials and baby boomers. Why future trends indicate that a sense of “being part of a community” is an important part of their needs. Whether this is as extreme as cohabiting or the more likely option for the affluent, living in properties that offer common and shared luxury activities, facilities and amenities.
Another trend reviewed is that of “hipsturbia”. Through the successful regeneration of many downtown cores and the demand to live in these vibrant, safe and social environments, suburbs of major cities are now seeing the opportunity of creating their own versions. These new suburbs are proving very popular, as they offer more affordable property ownership, yet integrate the concept of live, work and play within the community.
Finally the report looks at Landmark Sales in 2019 to discover what the ultra-wealthy are purchasing and if these properties reaffirm the importance of including amenities that address the physical, social and mental/emotional/spiritual dimensions of its residents.
It concludes that The Institute’s analysis of these market trends and shifting buying interests shows that these are lucrative real estate niches, but also still recognizes that there will always be long-term money-makers.
For homeowners looking to sell their luxury home in today’s market we recommend working with a realtor who can capitalize on the preferences of current investors. By carefully focusing on the lifestyle-specific niche your property offers, in line with trends, it can be marketed effectively to connect with the right potential buyers.
Get exclusive insights into the upper-tier real estate market at one of our live or online training sessions. Enroll today!