Five Key Real Estate Trends for 2024
Five Key Real Estate Trends for 2024
The real estate industry is constantly evolving, and 2024 is shaping up to be a year of significant change. To stay competitive, agents need to be aware of the following five key trends: digitalization, changing buyer preferences, suburban markets, data analysis, and sustainability. Real estate websites offer easy-to-buy products to help agents drive engagement and turn prospects into leads.
The Rise of Digitalization
- Virtual tours, digital staging, and AI-powered tools are revolutionizing the way we buy and sell homes.
Shifting Buyer Preferences
- Co-living spaces, multi-generational living, sustainability, and outdoor amenities are top priorities for today’s buyers.
The Rise of Suburbs and Secondary Markets
- Many are migrating towards suburbs and smaller towns, creating demand for agents who specialize in these markets.
The Growing Importance of Data and Analytics
- Agents who leverage data analysis tools can gain valuable insights into market trends and buyer behavior.
Increased Focus on Sustainability
- Environmental concerns are driving demand for sustainable properties with energy-efficient features and green building certifications.
Kelowna, a rapidly growing city in Canada, has witnessed a surge in the selling price of townhouses. At the end of 2023, the benchmark selling price of a typical townhouse in Kelowna was $731,600, which is a bit higher than the previous year-end price of $726,000. However, it’s still $97,400 less than the record-high price of $829,000 set in May 2022.
According to the Community Trends report, Kelowna has grown faster than other fast-growing cities like Surrey. Between 2016 and 2021, the population of Kelowna increased by 13.5%, which is higher than the growth rate of 7.6% in British Columbia and 5.2% in Canada.
Kelowna is becoming one of Canada’s fastest-growing cities due to its excellent cuisine, pleasant weather, and easy access to nature and outdoor activities.
Some 492,083 residential properties are forecast to trade hands via Canadian MLS® Systems in 2024, a 10.5% increase from 2023. This is mostly unchanged from CREA’s previous forecast. The national average home price is forecast to climb 4.9% on an annual basis to $710,468 in 2024.
Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.
