The real estate landscape is always changing, and this is what makes it so interesting and at the same time challenging. While 2023 is in the rear-view mirror, many of the trends such as higher interest rates, the high cost and scarcity of capital, and housing affordability will continue to make headlines in the coming year.
While it is widely believed that interest rates have peaked, and rate cuts will occur in 2024, the effects of past rate increases will continue to work through the economy; restraining spending, and limiting growth and employment. We started to see this impact in Q3 as the usual uptick in hiring post summer failed to occur with new graduates being adversely affected as businesses scaled back intake programs.
Other well documented trends in 2024 include the continuation of high levels of inward migration to Canada which will increase the demand for residential real estate as well as contribute to a positive outlook in areas like grocery-anchored retail, industrial, senior housing and life sciences.
Expense mitigation is a top concern for business leaders and finding ways to create value by optimizing assets will see a push for improved efficiency and the adoption of technology wherever possible.
What does this mean for the careers of real estate professionals? In The Real Estate Compensation Guide 2024, we provide further commentary on the trends, challenges, and opportunities across the strategic, operations and corporate areas of the industry as it relates to compensation. We also reveal the main findings of our recent compensation survey completed by over 1000 real estate professionals.
Are you looking to find the Best Next Hire for your real estate team or are you looking to make the Best Next Move in your career? Please reach out to one of our Partners to discuss further.
About HighView
HighView Partners is a talent search firm dedicated to providing recruitment solutions to the real estate industry in Canada. With offices in Toronto and Vancouver, our mission is to connect people who perform and make a lasting impact in the industry.