The Canadian Real Estate Trends to “Reset” the Industry in 2023

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As real estate players head into 2023, a new report from PwC_Canada has identified the top trends expected to define Canadian real estate in the year ahead, including some big shifts to business as usual. ULIToronto realestatetrends

Canadian real estate companies are at a defining junction. In contrast to the booming conditions of the past few years, interest rate hikes, runaway inflation, and turbulence in the geopolitical environment have cast a shadow of uncertainty over the global economy and the business of real estate.

“There is no doubt that the real estate market in Canada is experiencing a reset,” said Frank Magliocco, Real Estate Leader, PwC Canada. “Players in the industry are navigating this disruption in different ways. For some, it has led to a pause in development decisions and transactions. According to PwC’s report, tightening borrowing requirements and higher financing costs will continue to put a damper on the ability to raise capital and progress projects forward. As a result, competition between companies will continue to deplete as some players choose to “stay on the sidelines” until the market settles.

Another trend forecasted by PwC is a push towards sustainability and net-zero emissions. While this is expected to be a priority amongst investors, companies may embrace the change a little slower. Separate findings from PwC’s 2022 global CEO Survey showed that only 19% of real estate executives were committed to reducing net-zero greenhouse gas emissions within their organizations.

 

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