2017 Real Estate Trends
Written by: Condo Chicks
Posted on: February 22, 2017
Real Estate Trends with Toronto’s Trendiest Realtors
From Brexit to Trump’s 2016 election victory to Drake making Toronto a household name, 2016 was an unpredictable year. With it behind and a new year ahead, there is one thing that is for certain – Toronto will be on everyone lips.
A sound investment for global investors, Toronto has become part of a bigger conversation – a trendy escape, especially for our neighbourhours to the south. With all eyes on The Six’s housing market in the New Year, if you’re looking to sell and catch the eye of a potential buyer, here’s what you’ll need to know. According to Toronto’s hottest real estate duo, Condo Chicks Erica Smith and Lorena Magallanes, here is what’s making the “hot” list in 2017, should you want to sell and guarantee the biggest return when it comes time to do so:
- Location, Location, Location
Toronto as a whole will be on everyone’s wish list in 2017, but in terms of trendiest hotspots, perspective buyers will be looking outside of the city’s downtown core. East enders in the Danforth, Upper Beaches and Leslieville area will see big interest, as new homeowners seek out trendy, but not overcrowded sanctuary. Across town, High Park and the upper Junction will continue to pique buyers interests, as the areas are continuously gentrifying and house some of the city’s best and untapped restaurants and local boutiques.
- A Pop of Colour
Although the colour of the year may be green, when it comes to homes trends buyers will love, neutral with a twist will reign supreme in 2017. Providing a blank canvas for buyers to incorporate their own taste and style into your home, a neutral palette with a burst of colour (either via accent wall or artwork) can give a home the character or charm the buyer may be looking for. It also helps buyers remember the house. Plus, depending on the clientele, the thought of having to renovate, or even paint can be exhausting!
- Exterior is the New Interior
Now more than ever, buyers are looking for sleek curb appeal. Whether it is a new reclaimed wood deck, an impeccably manicured lawn, or interlocking in the driveway, a buyer’s positive first impression is key. For condo owners, creating an inviting outdoor space still applies. Whether it’s a balcony or a terrace, most buyers will be looking for options they can lounge and enjoy a nice cup of coffee or glass of wine in. And, if your space has floor to ceiling windows – all the better, as perspective buyers tend to gravitate towards spaces with natural sunlight and an unobstructed view of the outside.
- A “Smarter” Home
With an increased dependency on smart phones, it’s no surprise homes with smart features are more attractive to potential buyers. From the ability to set alarms, put your home into “away mode” and lock your doors all from a smart phone, a home that incorporates functionality into design will pay off big time when it comes time to sell, especially with millennial buyers.
- Small Spaces; Small Kids
In Toronto, especially in the city’s downtown core, prospective buyers will continue to favour smaller, more modern spaces in prime locations. Typically, condos have not been a huge draw for families with small children, but this ceases to be the case. If you are looking to sell your condo in 2017, don’t forget about perspective families, as smaller spaces will continue to dominate, especially for families looking to stay and play close to work and who don’t mind giving up the large backyard for an entire bustling city at their doorstep.
- Forget a Fixer-Upper
Who has the time or money to renovate or fix a home? Most buyers don’t. Since the cost to move is typically 10% of the value of your home, the idea of additional costs for renovation may not be ideal for a buyer. Despite a red hot market in Toronto, investing in minor renovations, such as broken to make your home more appealing to buyers. Will pay off bigtime when it comes time to sell, as buyers will be more likely to pay a above market value for a turn key home that is move in ready.