2017 London Real Estate Predictions
We are up to Part 6 of our predictions, and it has to do with what is becoming a hotter, and hotter commodity in property type. The one floor home, more frequently seen, the bungalow is becoming a more sought after style of home. The main reason of the appeal of the one floor home, is for anyone with difficulty navigating stairs. This can be for a number of reasons, one of which is making this style of home extremely popular.
For years, we have been getting told that the baby boomer generation is going to affect us in many ways as that generation reaches retirement age. They will add strain to the medical system, the Canada Pension Plan, and change the real estate market in a way. For the first time (in a significant way) the baby boomers started to show up changing their home styles. At an age when taking care of an empty nest, 2 storey home may not be what they want any longer. Too much time spent on maintenance, or making changes to better suit their lifestyle, and losing the stairs in the living space is making a lot more sense.
Losing the Stairs
This isn’t necessarily for the convenience of the baby boomer generation (although it doesn’t hurt). It can also be because of taking care of an elderly parent or loved one has made the decision for them. Without the need for as much living space, the second floor is no longer necessary. This isn’t the only consideration, as some may be looking to update their existing home, and decide it may be easier to buy something new, and let someone else do what they want to their old home.
2 Storey Most Popular
The most popular style for sales is still going to be the 2 storey home. They are just too many of them for any other style to surpass them. Builders can get more square footage in a smaller footprint, and that makes sense. We also won’t see as many ranch homes being built, since they have a larger frontage needed on the lot, so the bungalow becomes built more often in new build neighbourhoods. With the baby boomers moving out of the 2 storeys, which are more plentiful, and wanting one floor (usually updated or new) this makes the bungalow more of a premium home for sale, and will more than likely see more interest in multiple offers and asking price. With all those 2 storey homes coming up for sale for other buyers, we’ll find out what kind of mortgages they will be getting with our guest blogger Jeff Krieger, AMP, Mortgage Agent at OMAC Mortgages.