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A Look Ahead | Vancouver’s Top 5 Real Estate Trends to Watch in 2021

From the affirmation of hybridized work to re-thinking where we want to live, to seeing local eCommerce take major steps, here are the five real estate trends Talk Shoppers are watching for in 2021:

 

  • Hybridized work takes hold | B.C.’s vaccine roll-out is now underway, and while the challenges of this pandemic will still take months to resolve, the time is now for work-space providers and employers to anticipate and prepare for what is increasingly clear will be a hybrid work model with staff spending part of their week in the office and the rest of their work time at home throughout 2021. This shift will also accelerate the need for home builders and designers to present flexible customizable spaces and build-outs such as home office nooks and multi-use rooms.
  • Re-thinking our commutes (and where we buy homes) | With a hybrid office-home work market becoming more established, homebuyers will be thinking about their commutes in a different light. A renewed desire for green space, larger homes, and peace, and quiet will result in many buyers looking beyond the urban core into previously-unconsidered parts of their region. A lengthy drive into the city isn’t as much of a deterrent if you’re heading in only once or twice a week.
  • Sustainability re-prioritized | When the dust settles on this pandemic, it will become more apparent than ever that our development and home-selection decisions need to be increasingly anchored to sustainability, regional supply chains and spaces that promote wellness. For example, developers that prioritize sustainable, locally-sourced building materials such as mass timber, will increasingly benefit as clean, efficient, sustainable building products and methods emerge as a major selling feature.
  • Customizable living spaces | In 2020 we learned that we need a lot more from our homes. Working from home, virtual socializing and everyone being at home at the same time — all the time — will result in developers and designers increasingly producing customizable or flexible spaces and floorplans, especially in the condo market as developers strive to keep up with quickly-evolving buyer needs.
  • Ecommerce takes upper hand | There’s a strong argument to be made that bricks and mortar retailers and service providers have been among the most challenged and troubled by the pandemic in Canada. With Canadian online retail purchases surging dramatically through 2020 and likely remaining elevated forever, retailers and businesses without an eCommerce model will be scrambling to catch up, while we can expect to see many new notable pure eCommerce plays join the market.