As people across Canada continue to prepare for the holidays, housing professionals are already thinking about how they will fine tune their Realtor marketing strategies for next year.
Economists and financial analysts believe that the national housing market in Canada will be a lukewarm affair due to a combination of factors; however, this will not be the case across all regional markets. With the proper realtor marketing strategy in 2017, real estate professionals will be able to thrive in active markets and stay afloat during challenging conditions.
Canada’s Real Estate Outlook for 2017
Over the last few years various housing markets have shown signs of stress, and this is something that could very will extend to 2017. The two most overvalued markets, Toronto and Vancouver, are failing to inspire confidence. In fact, the Organization for Economic Cooperation and Development has issued a formal warning about a possible correction of these two housing markets.
While Toronto and Vancouver raise red flags, things are different in the Waterloo region, where Kitchener-Waterloo Association of Realtors reported that October 2015 presented an increase in home sales that was 24 per cent higher on a year-over-year basis. Most of the sales were of detached homes, but a sizable number of condominium units contributed to the positive figures.
Real estate professionals will likely start off 2017 with strong campaigns to encourage sellers in overvalued markets to relax their listing prices in anticipation of a downturn. On the other hand, markets such as Waterloo and Calgary are expected to see buyers interested in new construction opportunities as well as bargains.
Realtor Marketing Ideas for 2017
Networking is going to be more important than ever in 2017. Should the downturn strike suddenly in Toronto and Vancouver, traditional advertising may stop being effective. In 2017, networking will be paramount when the market shifts suddenly; for example, when high demand builds in a certain region and prospective buyers are looking specifically for condominium units.
Appealing to real estate investors is another strategy to consider in 2017. This is a growing segment in Canada, and it could become similar to what the United States went through around 2005, when there was a proliferation of cable television shows dedicated to home remodeling for investment purposes.
Catering to First-Time Home Buyers
Canadian realtors who do business in metropolitan areas can expect increased interest by Millennials who are ready to purchase a home for the very first time. Realtors who are comfortable with social media will be able to attract these potential buyers, but they should also stand ready to field questions about the real monthly costs of being a homeowner; this means being able to explain property taxes and maintenance fees.