In-demand residences in the foreseeable future
Tuesday Jan 17th, 2023
It's difficult to make precise predictions about what type of houses will be in demand in the next five years in Ontario, as it depends on various factors such as economic conditions, population growth, and government policies. However, based on current trends and the impact of the COVID-19 pandemic, it's likely that the following types of houses will be in high demand in the next five years:
Single-family homes: These are expected to remain in high demand, particularly in the suburbs and rural areas, as many people are looking for more space and a quieter environment.
Houses with yards: The pandemic has led to an increased demand for houses with yards, as more people are spending more time at home and looking for outdoor spaces to enjoy.
Houses with home offices: Remote working has become more popular than ever, so houses with designated home offices or flexible spaces that could be converted into one, are likely to be in high demand.
Low-rise and high-rise condos: While single-family homes are in high demand, there will also be a continued demand for low-rise and high-rise condos, particularly in urban areas, as they offer a more affordable option for people looking to enter the housing market.
Multi-generational homes: With an aging population and families wanting to support their elderly parents, multi-generational homes that have separate living spaces for different generations will be in demand.
Project Name: Markham Multi-Generational House. Studio Name: Solares Architecture. Location: Markham, Canada. Photography: Nanne Springer
Project size: 8000 ft2. - built in 2020 to suit 4 households including two sets of aging grandparents, a professional family of 3, an elderly uncle.
It's worth noting that these are just predictions based on current trends and can't guarantee the future of the market. The market is dynamic and can change rapidly, and other factors such as economic conditions, interest rates, population growth, and government policies could also affect the demand for different types of houses in the future.