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People are prioritizing the convenience of the local area in their home-buying wish list.
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in almost 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC, RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca.
This report includes "forward-looking statements" within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "believe," "intend," "expect," "estimate," "plan," "outlook," "project," and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. These forward-looking statements include statements regarding housing market conditions and the Company's results of operations, performance and growth. Forward-looking statements should not be read as guarantees of future performance or results. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include (1) the global COVID-19 pandemic, which has impacted the Company and continues to pose significant and widespread risks to the Company’s business, the Company’s ability to successfully close the anticipated reacquisition and to integrate the reacquired regions into its business, (3) changes in the real estate market or interest rates and availability of financing, (4) changes in business and economic activity in general, (5) the Company’s ability to attract and retain quality franchisees, (6) the Company’s franchisees’ ability to recruit and retain real estate agents and mortgage loan originators, (7) changes in laws and regulations, (8) the Company’s ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (9) the Company’s ability to implement its technology initiatives, and (10) fluctuations in foreign currency exchange rates, and those risks and uncertainties described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company’s website at www.remax.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.
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The Future of Real Estate
(Canada 2023)
The challenges of recent years have prompted many Canadians to reconsider what they need from a new home – the square footage, the nearby amenities, the affordability. For some, one of the biggest factors under the spotlight is the location and the kind of lifestyle it affords them.
While the hustle and bustle of urban areas may not be as alluring as it once was, total isolation in rural areas may prove too disconnecting. With migration data finding that those making the move are more likely to be younger Canadians, the desire for the same degree of convenience afforded by large cities within modern-day suburbia is growing.¹ ²
Arina Krasnikova 2020
Remote working has afforded many people the opportunity to live wherever they want. However, within this urban reshuffle, many Canadians have found themselves longing for the convenience and opportunities typically associated with city life. For some, this has sparked a return to downtown neighbourhoods, increasing the popularity of condos in otherwise expensive markets.⁵ Whether it’s local spots to catch up with friends, or access to a gym close by, in a highly connected and networked world the lifestyle afforded by the amenities of a neighbourhood remains important.
It’s why 65 per cent of Canadians say they look for access to things like gyms or grocery stores when deciding where to buy.⁶ As Canadians come to expect modern conveniences and opportunities from their surroundings as well as their setups, they will be looking for real estate agents who can help them establish the must-haves from the nice-to-haves when on the hunt for a new middle ground.
People still want to live in amenity rich neighbourhoods.
What this means for the future of housing in Canada
The demographics of suburbia are changing. With new cohorts putting down roots in these areas, they’re expecting to find communities, infrastructure, and amenities ready to meet their standards. Looking forward, developers are increasingly working to ensure needs are met and the qualifications of modern life, whether proper transport options or adequate amenities, are taken into consideration.
As people consider new (albeit nearby) locations, they need real estate agents who can help them understand what a typical day-to-day could look like in a new location – particularly the commute. As people seek out both seclusion in nature and modern comforts, buyers will be on the lookout for real estate agents who can highlight amenities that satisfy their desire for both space and convenience.
Zen Chung 2020
What this all means for the real estate agent.
Click here for insights.
What this all means for the consumer.
Click here for insights.
As the cluster of large urban areas along Canada’s border with the U.S. continues to spread, efficient transportation infrastructure is something that homebuyers are increasingly considering on their house-hunting wish list.⁷ With the average working Canadian’s daily commute now 54 minutes, more than double what it was in 2016, commute time remains an important factor for 55 per cent of millennials when looking for a future home, while 56 per cent of all Canadians say that easy on-street parking is an important factor to consider when buying a home, rising from 40 per cent in 2020.⁸ ⁹ ¹⁰
Instead of having long commutes or inconvenient transport routes cut into their time, people would rather spend with family and friends. With this in mind, the call for a rethink of the car-dependent suburban design is growing.¹¹ Canadians are looking for real estate agents who understand and can help them find a location that allows for easy access between their home and work, especially if it allows them to shave off a few minutes of travel time.
People are rethinking long commutes in the hope of cutting down travel time.
Liza Summer 2020
1. ‘Changing migration trends across Canada’. Business Council Lab. July 2022.
2. ‘The pros and cons of moving to small-town Nova Scotia during the pandemic’. CBC News. March 2022.
3. ‘Rethinking work and value of time’. Deloitte. April 2022.
4. Canvas8 Future of Real Estate CA 2022 QB5, Base=Urban n=1336, Base=Suburban n=496, Base=Rural n=198
5. ‘Canada housing market outlook 2023: Here’s what buyers and sellers can expect’. Global News. December 2022.
6. Canvas8 Future of Real Estate CA 2022 QB5, Base=All respondents n=2030
7. Canada’s large urban centres continue to grow and spread’. Statistics Canada. February 2022.
8. ‘Does your commute drive you crazy? Commuting in Canada: stats, facts, tips’. Think Insure. December 2022.
9. Canvas8 Future of Real Estate CA 2022 QB5, Base=All respondents n=2030
10. Canvas8 Future of Real Estate CA 2020 QB5, Base=All respondents n=1642
11. ‘Ontario, it’s time to rethink how we design suburbs’. Reddit. June 2022.
12. Canvas8 Future of Real Estate CA 2022 QB5, Base=All respondents n=2030
13. Canvas8 Future of Real Estate CA 2020 QB5, Base=All respondents n=1642
14. Canvas8 Future of Real Estate CA 2022 QB5, Base=All respondents n=2030
15. ‘Home prices in Canada’s suburbs outpaced downtown areas during pandemic, study finds’. Global News. June 2022.
16. ‘Population growth in Canada’s rural areas, 2016 to 2021’. Statistics Canada. February 2022.
17. Canvas8 Future of Real Estate CA 2022 QB5, Base=All respondents n=2030
of millennials say public transportation is an important factor when buying a home, compared to 37% in 2020.¹² ¹³
49%
As people in cities realize they want the space of suburbia and suburbanites want the amenities they once had in cities, buyers are on the hunt for a middle ground where they can have it all – at a price they can afford. With prices in suburbia soaring, some Canadians are expanding their searches, with rural populations in Canada growing at a faster rate than other G7 countries.¹⁵ ¹⁶
As they explore new areas, homebuyers are in need of real estate agents who have the local expertise and knowledge to help guide them. Whether by suggesting somewhere they hadn’t even considered or providing hyper-local recommendations, people are placing value in real estate agents who can help them envision and improve their day-to-day life in a new place.
People are placing value in hyper-local recommendations.
canada in focus
–Kris, first-time homebuyer, Ontario
Having places nearby where I can go for coffee, bring my friends for dinner, go to a gym – things like that were really important to me”
PNW Production 2021
William Fortunato 2020
The amenity-rich neighbourhood is the new homeowner’s dream.”
–Ken Greenberg, former Director of Urban Design and Architecture for the City of Toronto
Ono Kosuki 2020
–Ken Johnson, Ph.D., real estate economist and co-author of U.S. Rental and Home Price Indexes
I think suburban sprawl is going to regenerate and rejuvenate. People who moved too far from the city may have realized it wasn’t practical. But what is practical is living in the suburbs where you can easily commute in when you need to.”
With people spending more of their time thinking about how they spend their time, people are in search of an area that affords them the luxury of convenience perfectly blended with the amenities and accessibility of urban areas.³ When considering location, Canadians are also thinking about commute time – 60 per cent of people say that this is an important factor for them, especially for those in urban areas (75 per cent).⁴ But even for many of those who are leaving the city, the commute matters, with 44 per cent of Canadians in the suburbs and 33 per cent of those in rural areas citing this as an important factor.⁴
Taha Samet Arslan 2021
of Canadians say that easy on-street parking is an important factor to consider when buying a home.¹⁴
56%
–Ken Greenberg, former director of urban design and architecture of the City of Toronto
Time is the auto-dependent paradigm. Living in a distant suburb and having to drive for a considerable amount of time every day for shopping and taking the kids to school? That’s waning in popularity.”
–Kris, first-time homebuyer, Alberta
Our real estate agent had local knowledge that we would have lost if we had bought on our own. There were a couple of things that were specific to our area that we would have not known about if it wasn’t for her.”
Top five factors rated "important" for Canadian buyers in 2022¹⁷:
About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in almost 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC, RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca.
This report includes "forward-looking statements" within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "believe," "intend," "expect," "estimate," "plan," "outlook," "project," and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. These forward-looking statements include statements regarding housing market conditions and the Company's results of operations, performance and growth. Forward-looking statements should not be read as guarantees of future performance or results. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include (1) the global COVID-19 pandemic, which has impacted the Company and continues to pose significant and widespread risks to the Company’s business, the Company’s ability to successfully close the anticipated reacquisition and to integrate the reacquired regions into its business, (3) changes in the real estate market or interest rates and availability of financing, (4) changes in business and economic activity in general, (5) the Company’s ability to attract and retain quality franchisees, (6) the Company’s franchisees’ ability to recruit and retain real estate agents and mortgage loan originators, (7) changes in laws and regulations, (8) the Company’s ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (9) the Company’s ability to implement its technology initiatives, and (10) fluctuations in foreign currency exchange rates, and those risks and uncertainties described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company’s website at www.remax.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.
1. ‘Changing migration trends across Canada’. Business Council Lab. July 2022.
2. ‘The pros and cons of moving to small-town Nova Scotia during the pandemic’. CBC News. March 2022.
3. ‘Rethinking work and value of time’. Deloitte. April 2022.
4. Canvas8 Future of Real Estate CA 2022 QB5, Base=Urban n=1336, Base=Suburban n=496, Base=Rural n=198
5. ‘Canada housing market outlook 2023: Here’s what buyers and sellers can expect’. Global News. December 2022.
6. Canvas8 Future of Real Estate CA 2022 QB5, Base=All respondents n=2030
7. Canada’s large urban centres continue to grow and spread’. Statistics Canada. February 2022.
8. ‘Does your commute drive you crazy? Commuting in Canada: stats, facts, tips’. Think Insure. December 2022.
9. Canvas8 Future of Real Estate CA 2022 QB5, Base=All respondents n=2030
10. Canvas8 Future of Real Estate CA 2020 QB5, Base=All respondents n=1642
11. ‘Ontario, it’s time to rethink how we design suburbs’. Reddit. June 2022.
12. Canvas8 Future of Real Estate CA 2022 QB5, Base=All respondents n=2030
13. Canvas8 Future of Real Estate CA 2020 QB5, Base=All respondents n=1642
14. Canvas8 Future of Real Estate CA 2022 QB5, Base=All respondents n=2030
15. ‘Home prices in Canada’s suburbs outpaced downtown areas during pandemic, study finds’. Global News. June 2022.
16. ‘Population growth in Canada’s rural areas, 2016 to 2021’. Statistics Canada. February 2022.
17. Canvas8 Future of Real Estate CA 2022 QB5, Base=All respondents n=2030
Search Listings
Find a RE/MAX Agent
Top five factors rated "important" for Canadian buyers in 2022¹⁷:
canada in focus
What this all means for the consumer.
Click here for insights.
Liza Summer 2020
Zen Chung 2020
What this all means for the real estate agent.
Click here for insights.
The demographics of suburbia are changing. With new cohorts putting down roots in these areas, they’re expecting to find communities, infrastructure, and amenities ready to meet their standards. Looking forward, developers are increasingly working to ensure needs are met and the qualifications of modern life, whether proper transport options or adequate amenities, are taken into consideration.
As people consider new (albeit nearby) locations, they need real estate agents who can help them understand what a typical day-to-day could look like in a new location – particularly the commute. As people seek out both seclusion in nature and modern comforts, buyers will be on the lookout for real estate agents who can highlight amenities that satisfy their desire for both space and convenience.
What this means for the future of housing in Canada
–Kris, first-time homebuyer, Alberta
Our real estate agent had local knowledge that we would have lost if we had bought on our own. There were a couple of things that were specific to our area that we would have not known about if it wasn’t for her.”
As people in cities realize they want the space of suburbia and suburbanites want the amenities they once had in cities, buyers are on the hunt for a middle ground where they can have it all – at a price they can afford. With prices in suburbia soaring, some Canadians are expanding their searches, with rural populations in Canada growing at a faster rate than other G7 countries.¹⁵ ¹⁶
As they explore new areas, homebuyers are in need of real estate agents who have the local expertise and knowledge to help guide them. Whether by suggesting somewhere they hadn’t even considered or providing hyper-local recommendations, people are placing value in real estate agents who can help them envision and improve their day-to-day life in a new place.
People are placing value in hyper-local recommendations.
William Fortunato 2020
As the cluster of large urban areas along Canada’s border with the U.S. continues to spread, efficient transportation infrastructure is something that homebuyers are increasingly considering on their house-hunting wish list.⁷ With the average working Canadian’s daily commute now 54 minutes, more than double what it was in 2016, commute time remains an important factor for 55 per cent of millennials when looking for a future home, while 56 per cent of all Canadians say that easy on-street parking is an important factor to consider when buying a home, rising from 40 per cent in 2020.⁸ ⁹ ¹⁰
Instead of having long commutes or inconvenient transport routes cut into their time, people would rather spend with family and friends. With this in mind, the call for a rethink of the car-dependent suburban design is growing.¹¹ Canadians are looking for real estate agents who understand and can help them find a location that allows for easy access between their home and work, especially if it allows them to shave off a few minutes of travel time.
People are rethinking long commutes in the hope of cutting down travel time.
–Ken Greenberg, former director of urban design and architecture of the City of Toronto
Time is the auto-dependent paradigm. Living in a distant suburb and having to drive for a considerable amount of time every day for shopping and taking the kids to school? That’s waning in popularity.”
of Canadians say that easy on-street parking is an important factor to consider when buying a home.¹⁴
56%
of millennials say public transit is an important factor when buying a home, compared to 37% in 2020.¹² ¹³
49%
–Kris, first-time homebuyer, Ontario
Having places nearby where I can go for coffee, bring my friends for dinner, go to a gym – things like that were really important to me”
Remote working has afforded many people the opportunity to live wherever they want. However, within this urban reshuffle, many Canadians have found themselves longing for the convenience and opportunities typically associated with city life. For some, this has sparked a return to downtown neighbourhoods, increasing the popularity of condos in otherwise expensive markets.⁵ Whether it’s local spots to catch up with friends, or access to a gym close by, in a highly connected and networked world the lifestyle afforded by the amenities of a neighbourhood remains important.
It’s why 65 per cent of Canadians say they look for access to things like gyms or grocery stores when deciding where to buy.⁶ As Canadians come to expect modern conveniences and opportunities from their surroundings as well as their setups, they will be looking for real estate agents who can help them establish the must-haves from the nice-to-haves when on the hunt for a new middle ground.
People still want to live in amenity rich neighbourhoods.
With people spending more of their time thinking about how they spend their time, people are in search of an area that affords them the luxury of convenience perfectly blended with the amenities and accessibility of urban areas.³ When considering location, Canadians are also thinking about commute time – 60 per cent of people say that this is an important factor for them, especially for those in urban areas (75 per cent).⁴ But even for many of those who are leaving the city, the commute matters, with 44 per cent of Canadians in the suburbs and 33 per cent of those in rural areas citing this as an important factor.⁴
Ono Kosuki 2020
–Ken Johnson, Ph.D., real estate economist and co-author of U.S. Rental and Home Price Indexes
I think suburban sprawl is going to regenerate and rejuvenate. People who moved too far from the city may have realized it wasn’t practical. But what is practical is living in the suburbs where you can easily commute in when you need to.”
The amenity-rich neighbourhood is the new homeowner’s dream.”
–Ken Greenberg, former Director of Urban Design and Architecture for the City of Toronto
The challenges of recent years have prompted many Canadians to reconsider what they need from a new home – the square footage, the nearby amenities, the affordability. For some, one of the biggest factors under the spotlight is the location and the kind of lifestyle it affords them.
While the hustle and bustle of urban areas may not be as alluring as it once was, total isolation in rural areas may prove too disconnecting. With migration data finding that those making the move are more likely to be younger Canadians, the desire for the same degree of convenience afforded by large cities within modern-day suburbia is growing.¹ ²
People are prioritizing the convenience of the local area in their home-buying wish list.
Arina Krasnikova 2020
The Future of Real Estate (Canada 2023)
trend 06:
New Hubs
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