New Industry Data Highlights Suburban to Urban Migration Trends
A new report from Pricewaterhousecoopers (PWC) is highlighting an emerging trend taking place within the Canadian marketplace. For its 2014 Emerging Trends in Real Estate report, the organization interviewed more than 1000 real estate professionals, with the results of their research showing that there is a growing preference for urban rather than suburban space.
One of the leading factors cited in the report was Canadians’ increasing unwillingness to commute large distances to their workplaces in cities across the country. This trend means that many are choosing to purchase family homes within urban centers such as Hamilton and Toronto, while moving away from area where land is widely available but separated from modern conveniences. The 2014 Emerging Trends report highlights the potential investment benefits that cities may achieve as a result of the new trend.
“Urbanization is expected to be a dominant trend in 2014. And with this trend comes the potential for redevelopment of urban locations and the rise in mixed-use projects.”
2014 Emerging Trends in Real Estate report
Another focus of the Emerging Trends report was the Canadian economy at large. The report states that the country’s economy is expected to grow at a slightly slower pace than in 2013. And that the slower growth is not expected to impact a highly stable 2014 Canadian real estate marketplace, with 68% of respondents stating they believe that there is a good potential for profitability in the Canadian real estate market in 2014. The experts at PWC also go into detail on the net benefits to the Canadian economy of its ties to a booming US marketplace in 2014, with exceptional trade advantages expected to help boost export revenues well above 2013 figures.
The positive numbers continue for the Canadian economy as experts highlight the country’s strong position as we move forward in 2014. For those investing in Canadian cities especially, the figures suggest continued robust performance to follow the previous years’ gains.