The Future of Real Estate (Canada 2023)
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The role of the home has evolved.
Click here to find out how.
2022 proved to be a rocky year for Canadian real estate. Between a looming recession, rising interest rates and challenges around capital availability, homebuyers and sellers from coast to coast experienced disruption. Yet with a trend towards cooling prices and tighter monetary policies set to slow the pace and pressure of recent years, the outlook for 2023 is one of both hope and caution.
In the face of ongoing economic uncertainty and a re-imagination of modern life post-pandemic, Canadians are continuing to re-evaluate what they want when it comes to homeownership and the life it affords them. Whether it’s strengthening community ties, swapping traditional suburban sprawl for convenience, or re-assessing their purchasing timelines - the desire for new kinds of stability is causing people to rethink the status quo. As buyers and sellers approach real estate with a new set of priorities, it’s clear that the role of the real estate agent lies not only in helping people make sense of a volatile and fast-paced market, but also – and most of all – ensuring people feel heard in the process.
This work explores the cultural context and influential trends set to shape the real estate and housing landscape in Canada in the year ahead. Through six key themes, we explore how people’s attitudes and values toward buying, owning, and selling homes are shifting and what these themes mean for real estate agents.
Canadians needs guidance to buy and sell.
What do buyers and sellers
need the most help with?
Close
Four interviews with leading experts in the real estate sector across Canada and the United States to provide future-proof insights and lend authority to our reporting.
expert interviews
Third-party desk research to uncover consumer behaviors and expectations around homebuying and selling.
desk research & trend analysis
Interviews with six real estate agents from RE/MAX, eXp and Sotheby’s for an on-the-ground, market-level understanding of homebuyer and seller behaviors.
agent perspectives
Twelve 60-minute qualitative interviews with buyers and sellers across North America – six individuals based in the United States and six based in Canada. These people were either involved in the housing market in the preceding 12 months or were planning to be in the subsequent 24 months. These interviews uncovered the motivations, aspirations, and barriers faced by homebuyers.
consumer perspectives
methodology
Two surveys of Canadian (2,030) and American (2,939) homebuyers or sellers, who are defined as people who have been involved in the housing market over the past 12 months, or who are planning to be involved in the housing market in the next 24 months. These surveys were conducted to identify the main trends and mindsets impacting homebuying and selling in 2023.
quantitative surveys
In collaboration with Camp + King and cultural research partner Canvas8, we analyzed the real estate and home-ownership landscape across Canada and the United States to unpack the trends shaping the future of real estate.
Canada in focus
expert profiles
With decades of experience in the real estate industry, Denise is currently an instructor for the Real Estate Lab-Practicum. She managed the Kellogg Real Estate Center at Northwestern University for 11 years and has taught real estate around the world, including courses on sustainable real estate development, real estate investment, and real estate technology. Denise has authored several academic case studies and is a licensed real estate broker.
Denise Akason
Adjunct lecturer of real estate at the Kellogg School of Management, Northwestern University
Ken is a well-known scholar who specializes in real estate markets and economics as well as homeownership. He has overseen and contributed to numerous publications across the industry, and formerly served as the president of the American Real Estate Society. Additionally, Ken has more than a decade of applied experience in real estate, where he specialized in the marketing of corporate and lender-owned properties.
Ken Johnson, Ph.D.
Real estate economist and
co-author of U.s. rental and
home price indexes
For over 40 years, Ken has played a crucial role as one of the world’s foremost urban designers. With experience in both the private and public sectors, he has worked in numerous cities across North America and former director of Architecture and Urban Design for the city of Toronto. He is the author of a bestselling book, Walking Home, which focuses on the rejuvenation of cities.
Ken Greenberg
Principal, Greenberg Consultants, former director of urban design and architecture, city of Toronto
trends At a glance
01
modern adaptability
People are making compromises in search of stability.
02
People want real estate agents to offer more human-centered support.
03
People want spaces they can optimize for work and play.
04
People are looking for communities that foster a sense of belonging.
05
Buyers want homes that offer a greener lifestyle.
06
People are looking for areas that prioritize convenience.
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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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.
01
modern adaptability
People are making compromises in search of stability.
02
People want real estate agents to offer more human-centered support.
03
People want spaces they can optimize for work and play.
04
People are looking for communities that foster a sense of belonging.
05
Buyers want homes that offer a greener lifestyle.
06
People are looking for areas that prioritize convenience.
Click to read each trend
Real Talk
Curated Control
Community Connections
Green Living
New Hubs
Canadians needs guidance to buy and sell.
What do buyers and sellers
need the most help with?
The role of the home has evolved.
Click here to find out how.
Close
3. Canvas8 Future of Real Estate CA 2022 QD2, Base=All past/ prospective buyers n=1911
4. Canvas8 Future of Real Estate CA 2022 QD4, Base=All past/ prospective sellers n=1406
Close
2
1. Canvas8 Future of Real Estate 2020 QB6, Base=Canadian respondents n=16422
2. Canvas8 Future of Real Estate CA 2022 QB7, Base=All respondents n=2030
expert profiles
With decades of experience in the real estate industry, Denise is currently an instructor for the Real Estate Lab-Practicum. She managed the Kellogg Real Estate Center at Northwestern University for 11 years and has taught real estate around the world, including courses on sustainable real estate development, real estate investment, and real estate technology. Denise has authored several academic case studies and is a licensed real estate broker.
Denise Akason
Adjunct lecturer of real estate at the Kellogg School of Management, Northwestern University
Ken is a well-known scholar who specializes in real estate markets and economics as well as homeownership. He has overseen and contributed to numerous publications across the industry, and formerly served as the president of the American Real Estate Society. Additionally, Ken has more than a decade of applied experience in real estate, where he specialized in the marketing of corporate and lender-owned properties.
Ken Johnson, Ph.D.
Real Estate Economist and Co-author of U.S. Rental and Home Price Indexes
For over 40 years, Ken has played a crucial role as one of the world’s foremost urban designers. With experience in both the private and public sectors, he has worked in numerous cities across North America and former director of Architecture and Urban Design for the city of Toronto. He is the author of a bestselling book, Walking Home, which focuses on the rejuvenation of cities.
Ken Greenberg
Principal of Greenberg Consultants, former director of urban design, and architecture of the city of Toronto
In collaboration with Camp + King and cultural research partner Canvas8, we analyzed the real estate and home-ownership landscape across Canada and the United States to unpack the trends shaping the future of real estate.
Two surveys of Canadian (2,030) and American (2,939) homebuyers or sellers, who are defined as people who have been involved in the housing market over the past 12 months, or who are planning to be in the next 24 months. These surveys were conducted to identify the main trends and mindsets impacting homebuying and selling in 2023.
quantitative surveys
Four interviews with leading experts in the real estate sector across Canada and the United States to provide future-proof insights and lend authority to our reporting.
expert interviews
Third-party desk research to uncover consumer behaviors and expectations around homebuying and selling.
desk research & trend analysis
Interviews with six real estate agents from RE/MAX, eXp and Sotheby’s for an on-the-ground, market-level understanding of homebuyer and seller behaviors.
agent perspectives
Twelve 60-minute qualitative interviews with buyers and sellers across North America – six individuals based in the United States and six based in Canada. These people were either involved in the housing market in the preceding 12 months or were planning to be in the subsequent 24 months. These interviews uncovered the motivations, aspirations, and barriers faced by homebuyers.
consumer perspectives
methodology
The Future of Real Estate (Canada 2023)
2022 proved to be a rocky year for Canadian real estate. Between a looming recession, rising interest rates and challenges around capital availability, homebuyers and sellers from coast to coast experienced disruption. Yet with a trend towards cooling prices and tighter monetary policies set to slow the pace and pressure of recent years, the outlook for 2023 is one of both hope and caution.
In the face of ongoing economic uncertainty and a re-imagination of modern life post-pandemic, Canadians are continuing to re-evaluate what they want when it comes to homeownership and the life it affords them. Whether it’s strengthening community ties, swapping traditional suburban sprawl for convenience, or re-assessing their purchasing timelines - the desire for new kinds of stability is causing people to rethink the status quo. As buyers and sellers approach real estate with a new set of priorities, it’s clear that the role of the real estate agent lies not only in helping people make sense of a volatile and fast-paced market, but also – and most of all – ensuring people feel heard in the process.
This work explores the cultural context and influential trends set to shape the real estate and housing landscape in Canada in the year ahead. Through six key themes, we explore how people’s attitudes and values toward buying, owning, and selling homes are shifting and what these themes mean for real estate agents.
Canada in focus
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