Watching Out for Changes in Real Estate
Condo owners are almost always curious about the true value of their unit. For many reasons, it’s a good thing to know. However, most condo owners don’t have the tools and expertise they need to fully understand what their unit is worth in the current
marketplace. That’s because there are many underlying factors that need to be considered and many are in a constant state of flux. For example, it’s critical to acknowledge that 2020 was a year like no other, so examining year-over-year statistics must be done from an analytical perspective. It’s also important to distinguish trends that have emerged in reaction to the anomaly of a pandemic from those that will sustain well beyond recovery and affect long-term real estate values.
One view expressed by some sociologists suggests that the next generation of condo buyers may avoid smaller urban condos in favour of more expansive suburban and rural living spaces, especially if they can work from home.
Other experts predict aging baby-boomers will avoid smaller condos, potentially keeping larger condos off the market longer. Meanwhile, every micro-market has its own factors that can’t be ignored – and every condo has its own unique desirable features. If you want to know how all the variables might affect your unit’s value, let’s have a conversation.