50 - Sriday, Movember 24, 1989 - North Shore News

REAL EISTATE

LOOKING AHEAD

Canadian real estate market being reshaped

THE RAPIDLY evolving requirements of today’s con- sumers and investors wiit have a deciding impact on the development and useage of Canada’s real estate into the 21st century, beli:ves George J. Cormack, presi- dent and chief executive of- ficer, Royal LePage Limited.

Cormack points out that new demands by a host of domestic and _ international forces are reshaping the Ca- nadian real estate market- place. This, in tum, is challenging the ingenuity and adaptability of today’s builders, brokers and con- sultants.

“The kind of marketplace we occupy in the year 2000 will largely be the product of how we respond to challenges and opportunities in the decade ahead,” says Cormack, a featured author in the 1990 Royal LePage Market Survey. The survey, released recently, is a com- prehensive analysis and forecast of residential and commercial real estate mar- kets in Canada.

Cormack notes that the changing demographic makeup of the Canadian population will have one of the greatest impacts on the Canadian real estate market over the next decade.

“The aging baby boom generation, coupled with declining family size, addi- tional ‘‘empty nesters,’’ and growing concerns about af- fordability will have a strong influence on housing con- stcuction over the next 10 ta 20 yeays,’’ says Cormack.

To address these concerns, and cope with the escalating cost of construction, devel- opers will turn to building smaller and more innovative dwellings. Two dzdroom, 900 to 1,200 sq.ft. homes, multiple dwellings on a single lot, aud cube homes, now gaining acceptance in some European cities, will) become more prevalent as we near the 2ist century. Additionally, Royal LePage research indicates that con- dominiums will become the preferred accommodation for a growing number of older homeowners as well as

for first-time buyers.

Health care facilities, and alternate accommodation for an aging population, may represent the single iargest growth opportunity in the land development sector during the next decade, reports Cormack. He adds that Canada’s more liberal immigration policies also of- fer developers exciting growth opportunities.

Cormack forecasts that the global marketplace of the 1990s also will be char- acterized by « growing level of awareness for the en- vironmem, a sicference for durable, high qyztity mate- rials such as marble and wood, and a concern for preserving historic struc- tures.

He adds that technological advancements have the abili- ty of further decentralizing our economic activities, thereoy facilitating the cre- ation of multiple suburban business and residential nodes. As well, buildings within those centres will become ‘‘smarter.’”

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