{"id":524646,"date":"2022-12-06T17:20:11","date_gmt":"2022-12-06T14:20:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/the-year-ahead-real-estate-in-2023\/"},"modified":"2022-12-06T17:20:11","modified_gmt":"2022-12-06T14:20:11","slug":"the-year-ahead-real-estate-in-2023","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/the-year-ahead-real-estate-in-2023\/","title":{"rendered":"#The Year Ahead: Real Estate in 2023"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25997707ab7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25997707ab7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/the-year-ahead-real-estate-in-2023\/#%E2%80%9CThe_Year_Ahead_Real_Estate_in_2023%E2%80%9D\" >&#8220;The Year Ahead: Real Estate in 2023&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/the-year-ahead-real-estate-in-2023\/#1_Were_due_for_a_massive_housing_correction\" >1. We\u2019re due for a massive housing correction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/the-year-ahead-real-estate-in-2023\/#2_Soaring_immigration_will_put_more_pressure_on_housing_supply\" >2. Soaring immigration will put more pressure on housing supply<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/the-year-ahead-real-estate-in-2023\/#3_First_Nations_in_BC_will_be_leading_real-estate_innovators\" >3. First Nations in B.C. will be leading real-estate innovators<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/the-year-ahead-real-estate-in-2023\/#4_Wood_will_be_the_hot_new_building_material_on_the_block\" >4. Wood will be the hot new building material on the block<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/the-year-ahead-real-estate-in-2023\/#5_Bigger_denser_taller_buildings_will_transform_our_cities\" >5. Bigger, denser, taller buildings will transform our cities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/the-year-ahead-real-estate-in-2023\/#6_Modular_buildings_will_do_for_houses_what_IKEA_did_for_furniture\" >6. Modular buildings will do for houses what IKEA did for furniture<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/the-year-ahead-real-estate-in-2023\/#7_House_prices_will_fall_but_rents_will_rise\" >7. House prices will fall, but rents will rise<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/buradabiliyorum.com\/en\/the-year-ahead-real-estate-in-2023\/#8_Battles_between_NIMBYs_and_developers_will_get_nastier\" >8. Battles between NIMBYs and developers will get nastier<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/buradabiliyorum.com\/en\/the-year-ahead-real-estate-in-2023\/#9_Torontos_transportation_deficit_will_deepen\" >9. Toronto\u2019s transportation deficit will deepen<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/buradabiliyorum.com\/en\/the-year-ahead-real-estate-in-2023\/#10_Community_land_trusts_will_flex_their_collective_power\" >10. Community land trusts will flex their collective power<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CThe_Year_Ahead_Real_Estate_in_2023%E2%80%9D\"><\/span>&#8220;The Year Ahead: Real Estate in 2023&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n                                                                        <i data-stringify-type=\"italic\">This story is part of our annual \u201cYear Ahead\u201d guide. Read the rest of our predictions for 2023 here.<\/i><\/p>\n<p class=\"p1\">Despite plunging property prices, housing costs will stay in the stratosphere due to rising rents and interest rates. Grassroots solutions\u2014like community<br \/>land trusts and modular buildings\u2014point to a brighter future.<\/p>\n<h2 class=\"p1\"><span class=\"ez-toc-section\" id=\"1_Were_due_for_a_massive_housing_correction\"><\/span><b>1. We\u2019re due for a massive housing correction<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p4\">Like some kind of long-anticipated, long-feared poltergeist, it\u2019s finally here\u2014the big Canadian housing downturn. Thanks to relentlessly rising interest rates and declining home sales, both Desjardins and TD expect average home prices to drop 25 per cent by the end of 2023. They\u2019ll still likely be higher than they were pre-COVID, but the provinces that benefited the most from pandemic-induced panic buying\u2014New Brunswick, Nova Scotia and P.E.I.\u2014will probably experience the most dramatic losses. The silver lining? Maybe people under 40 will be able to afford a home one day after all.<\/p>\n<h2 class=\"p2\"><span class=\"ez-toc-section\" id=\"2_Soaring_immigration_will_put_more_pressure_on_housing_supply\"><\/span><b>2. Soaring immigration will put more pressure on housing supply<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p4\">Labour shortages, low birth rates and retiring baby boomers have made immigration so vital to the Canadian economy <span class=\"s2\">that the Trudeau government has vowed to admit a record number of permanent residents over the next few years. There\u2019s a hitch, though: where is everyone going to live? While more housing is being built in this country than ever before, it\u2019s still not enough to accommodate the booming population. Over the next decade, for example, Ontario alone needs to build at least a million homes, and Metro Vancouver 156,000, just to meet demand. Adding injury to, well, injury, we don\u2019t have enough skilled construction labour to do it.<\/span><span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<h2 class=\"p2\"><span class=\"ez-toc-section\" id=\"3_First_Nations_in_BC_will_be_leading_real-estate_innovators\"><\/span><b>3. First Nations in B.C. will be leading real-estate innovators<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p4\"><span class=\"s2\">First Nations are using their historic lands in metro Vancouver to reshape the city architecturally, economically and philosophically. MST Development Corporation, a partnership between the Musqueam Indian Band, the Squamish Nation and the Tsleil-Waututh Nation, controls more than 160 acres of traditional territory the nations have collectively reclaimed, which are now the site of stunning housing developments and even a proposed film studio. The Squamish Nation, meanwhile, is developing Sen<\/span><span class=\"s3\">,<\/span><span class=\"s2\">\u00e1k<\/span><span class=\"s4\">\u00af<\/span><span class=\"s2\">w, a massive, 10-acre project to eventually house nearly <\/span>10,000 <span class=\"s2\">people in the heart of the city. Because the land is Squamish-controlled, city zoning doesn\u2019t <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly. That means Sen<\/span><span class=\"s3\">,<\/span><span class=\"s2\">\u00e1k<\/span><span class=\"s4\">\u00af<\/span><span class=\"s2\">w will be far denser than would otherwise be allowed\u2014a reclamation of Indigenous <\/span>authority over traditional land, and a needed <span class=\"s2\">injection of housing in a city facing one of Canada\u2019s worst affordability crises.<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<h2 class=\"p2\"><span class=\"ez-toc-section\" id=\"4_Wood_will_be_the_hot_new_building_material_on_the_block\"><\/span><b>4. Wood will be the hot new building material on the block<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p4\"><img loading=\"lazy\" decoding=\"async\" data-sizes=\"auto\" class=\"alignright wp-image-1242333 lazyload\" src=\"https:\/\/www.macleans.ca\/wp-content\/uploads\/2022\/12\/YA-WEB-017-720x720.jpg\" alt=\"\" width=\"450\" height=\"450\"\/>If cool concrete dominated Canadian urban architecture between the 1950s and \u201980s, and glass and steel typified the 2000s, then mass timber might define the next few decades. Here\u2019s hoping it does. Mass timber is a load-bearing material, usually made of cross-laminated lumber, which is much more cost-effective than concrete or steel. It\u2019s also greener: the wood is renewable and stores CO2. Mass-timber apartment buildings and office towers are currently springing up all over Canada and the world. They include the University of British Columbia\u2019s Brock Commons student residence, the massive Arbora apartment complex in Montreal and George Brown College\u2019s 10-storey Limberlost Place\u2014Ontario\u2019s largest such structure, slated to open in the summer of 2024.<\/p>\n<h2 class=\"p2\"><span class=\"ez-toc-section\" id=\"5_Bigger_denser_taller_buildings_will_transform_our_cities\"><\/span><b>5. Bigger, denser, taller buildings will transform our cities<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p4\"><span class=\"s2\">Canada\u2019s population could reach 52.5 million in the next 20 years, a rate of growth faster than any other G7 nation. Most municipalities agree that the best way to accommodate this boom is through more intensification (leaving aside Calgary\u2019s unfettered urban sprawl and Doug Ford\u2019s beloved superhighway 413). That means taller and denser housing within existing communities. Density is better for the climate, better for the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> fabric and better for affordability. Correspondingly, the country\u2019s skylines will be transformed over the next few years. For example: King Toronto\u2014by starchitect Bjarke Ingels, with a striking design hearkening back to Moshe Safdie\u2019s iconic Habitat 67 in Montreal\u2014will open its doors. In Vancouver, we\u2019ll see the Broadway Plan, which calls for new housing that can accommodate up to 50,000 more residents near a new subway line that\u2019s slated to open in 2025.<\/span><\/p>\n<h2 class=\"p2\"><span class=\"ez-toc-section\" id=\"6_Modular_buildings_will_do_for_houses_what_IKEA_did_for_furniture\"><\/span><b>6. Modular buildings will do for houses what IKEA did for furniture<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p4\"><span class=\"s2\"><img loading=\"lazy\" decoding=\"async\" data-sizes=\"auto\" class=\"wp-image-1242336 alignright lazyload\" src=\"https:\/\/www.macleans.ca\/wp-content\/uploads\/2022\/12\/YA-WEB-018-720x720.jpg\" alt=\"\" width=\"400\" height=\"400\"\/>IKEA perfected flat-pack furniture, Casper and Endy the bed-in-a-box. But imagine a whole house that arrives pre-cut and ready to assemble. That\u2019s the promise of the Toronto architectural design firm R-Hauz. The company built, in just seven months, an 18-unit, mass timber building for a transitional-housing shelter in East Gwillimbury, Ontario, and is currently pioneering prefab townhouses. With fixed prices and pre-set design options, they\u2019re designed to come together very fast and appeal to the so-called missing middle of the housing market\u2014buyers who can\u2019t afford a freehold home but don\u2019t want a condo. Modular homes will be popping up across the country in the coming years: such housing is big in B.C. (Click and Nomad Microhomes) and Montreal (Blu Homes, \u00c9nerg\u00e9co). <span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<h2 class=\"p2\"><span class=\"ez-toc-section\" id=\"7_House_prices_will_fall_but_rents_will_rise\"><\/span><b>7. House prices will fall, but rents will rise<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p4\"><span class=\"s2\">At long last, home prices are plummeting, but that doesn\u2019t mean housing is getting cheaper. Interest rates will keep mortgage payments lofty, while rents will continue to climb as supply remains tight. Some provinces, like B.C., have imposed caps on rent increases in 2023, but with costs already sky-high, critics don\u2019t think the measure goes far enough. According to the Toronto Regional Real Estate Board, the average cost of a one-bedroom apartment in Toronto has gone up 20 per cent year-over-year (it\u2019s now $2,481 a month), while rental listings have declined 25.6 per cent. The situation will likely get worse. The number of renters across the country is growing more quickly than owners, especially in cities like Montreal, Quebec City and Halifax, where well over 50 per cent of new dwellings built since 2016 are rented.<\/span><\/p>\n<h2 class=\"p2\"><span class=\"ez-toc-section\" id=\"8_Battles_between_NIMBYs_and_developers_will_get_nastier\"><\/span><b>8. Battles between NIMBYs and developers will get nastier<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p4\"><span class=\"s2\">As urban intensification intensifies across the country, it continues to run into its old enemy: NIMBYism. In Toronto, battles over new medium-rise buildings are constant. In Ottawa, mayoral candidate Catherine McKenney drew fire during last fall\u2019s mayoral campaign for suggesting she would end single-family residential zoning if elected (she wasn\u2019t). Meanwhile, in Pointe-Claire and Dorval, Quebec, temporary development freezes, supported by city officials and many homeowners, have prevented the creation of multi-resident buildings until new master urban plans are created\u2014something at least a year out. Even Pierre Poilievre is leaning into anti-NIMBY sentiment. His proposed housing policy would require severely unaffordable big cities to increase housing development by 15 per cent or lose federal funding.<\/span><\/p>\n<h2 class=\"p2\"><span class=\"ez-toc-section\" id=\"9_Torontos_transportation_deficit_will_deepen\"><\/span><b><img loading=\"lazy\" decoding=\"async\" data-sizes=\"auto\" class=\"alignleft wp-image-1242338 lazyload\" src=\"https:\/\/www.macleans.ca\/wp-content\/uploads\/2022\/12\/YA-WEB-020-720x720.jpg\" alt=\"\" width=\"477\" height=\"268\"\/>9. Toronto\u2019s transportation deficit will deepen<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p4\"><span class=\"s5\">Torontonians have long referred to their public transit system as \u201cThe Bitter Way\u201d\u2014a snarky takeoff of the system\u2019s slogan, \u201cThe Better Way.\u201d They have good reason. Years of underfunding, service cuts and impossibly slow, politically fraught expansion have all taken their toll. The most recent insult is the delayed Eglinton Crosstown LRT. Begun in 2011 and originally scheduled to be running by 2020, it will now be lucky to be operational by the end of next year, leaving business owners throughout midtown Toronto increasingly desperate and furious. While the province broke ground in March on a long-overdue downtown relief line, that 14-stop subway route won\u2019t be taking passengers until sometime in 2030, at the earliest. Or, as some Ontarians like to say, long after Doug Ford is out of office.<\/span><\/p>\n<h2 class=\"p2\"><span class=\"ez-toc-section\" id=\"10_Community_land_trusts_will_flex_their_collective_power\"><\/span><b>10. Community land trusts will flex their collective power<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p4\"><span class=\"s2\">Last spring, Toronto\u2019s Parkdale Neighbour<\/span>hood<span class=\"s5\"> Land Trust and Circle Community Land Trust joined forces to take over management of 637 houses from Toronto Community Housing. Designed to preserve a large swath of affordable housing, the transfer was the latest and highest-\u200bprofile example of a growing community-\u200borganizing movement. Simply put, CLTs take land out of the market so the community can collectively own and manage it. American civil rights leaders created the concept; Bernie Sanders is a huge proponent. Closer to home, other CLTs have formed in Toronto and Vancouver, directing their efforts toward the socialization of apartment towers, laneway housing and even parking lots. Redevelopment may not be sexy, but it can be revolutionary.<\/span><\/p>\n<p><i data-stringify-type=\"italic\">This story is part of our annual \u201cYear Ahead\u201d guide. Read the rest of our predictions for 2023 here.<\/i><\/p><\/div>\n<p><script async defer crossorigin=\"anonymous\" src=\"https:\/\/connect.facebook.net\/en_US\/sdk.js\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.macleans.ca\/year-ahead\/the-year-ahead-real-estate-in-2023\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;The Year Ahead: Real Estate in 2023&#8221; This story is part of our annual \u201cYear Ahead\u201d guide. Read the rest of our predictions for 2023 here. Despite plunging property prices, housing costs will stay in the stratosphere due to rising rents and interest rates. Grassroots solutions\u2014like communityland trusts and modular buildings\u2014point to a brighter future&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":524647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.macleans.ca\/wp-content\/uploads\/2022\/12\/YA-WEB-019-766x431.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[71226,136847],"class_list":["post-524646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-real-estate","tag-year-ahead-2023"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/524646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=524646"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/524646\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/524647"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=524646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=524646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=524646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}