2016 may have went out with a bang, but check out these trends to look towards in the real estate market for the rest of this year:

1) Attack of the Drones

Drones have been around for a few years now, but we expect that over the course of 2017 more homebuyers and sellers will look to the technology to assist them in various steps of the buying / selling process. Aerial imaging and perspective showcasing on properties with large land acreage go hand in hand; ultimately giving people the exact views they can bank on when buying a property.

While this may seem like more of a seller's tool, it's also handy for buyers. Ensuring that chimneys and roofs are up to code can easily be done by using a drone, especially in competitive buying situations.

2) Here Come the Millennials

Analysts have predicted that 2017 will be a year when millennials (those born between the early 80s and late 90s) will attempt to buy their first homes. Where previous generations would have gone the condo or "fixer-upper" route for their first homes, studies show that this crop of buyers will want something more substantial. Buyers who have paid off the majority of their student debts are expected to benefit from reasonable interest rates as they attempt to buy their first homes, reports say.

3) $$$$

Speaking of those low interest rates, it's understandable that this in turn has caused the market prices to increase quite a bit. If you’re preparing to take advantage of these favourably low interest rates, be ready to shell out more than you may have expected. Coupled with the fact that (especially in the GTA) renters are starting to venture off and buy their own homes, you can expect prices to continue to rise throughout the year.

4) Mortgages

Mortgage regulations and guidelines have been tightened over the last few quarters; but what does this mean? Basically, those millennials we discussed earlier, and other first time homebuyers, are going to have a lot more difficulty securing a mortgage. The hope is that these regulations will reduce the number of first time homebuyers who qualify for mortgage financing in more competitive and pricier housing markets; especially those in which there is a severe shortage of lower-priced listings.

While we are almost an entire month into 2017, the Hearn-Beaumont team looks forward to continuing to work with you in every step of the buying / selling process this year!