trend in the Canadian Real Estate market over the next 5 years is towards
smaller homes and condos with less square footage. This makes sense when you
consider that the number of family members per dwelling is decreasing, the cost
of utilities continues to rise and today's lifestyle are much more low
Is this a cycle?
For the actual square footage of homes it may be. A return back to the average size of a home built in the 1950's or 1960's. In that era it would have been hard to find a house with an ensuite bathroom or even a family room let alone double car garage. Not to say that we are cutting back on the advancements in today’s home features and luxury must haves.
Is size a trade off for location?
It would be for some Buyers as it pertains to affordability. Another factor in the size to location trade off would be the proximity to work, entertainment and lifestyle amenities. Less time in daily transit!
Is financing an issue?
Mortgage rates are predicted to stay low for a least the next 24 months, so you would expect that Purchasers would be over consuming for the size of home that they require to meet their needs. Banks on the other hand are more than happy with the trend to smaller and sometimes lower priced properties because they sell quicker and provide less re-sale risk.
What is the right size?
The pressure on Builders to offer attractive price points for condo living in the chic inner core neighbourhoods of the city if making 700 and 800 sq ft condo’s a common acceptance especially to first time home buyers. As per the suburbs, the window of potential buyers for luxury Townhomes is larger than any other individual Buyer category.
Is this a “Zen” style of living?
De-cluttering for fresh and healthy active lifestyles is all part of today’s yoga and latte crazed consumer’s generation. Unlike the generations of the world war era, today’s buyers are relying on 1-888 Got Junk style services to divest of their old collectables.
Whether it is a change in neighhourhoods, an investment opportunity or a practical reason for making a move, the Hamre Team at RE/MAX in Ottawa will be there to assist you. We are here to help and offer guidance to ensure that you avoid moving more than once. Make sure the next move is the right move.
Visit our web site at www.WeKnowOttawa.com for more helpful hints on Buying and Selling Homes in Ottawa’s real estate market.