New York, NY, Dec. 11, 2020 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Wellness Real Estate Market By Vertical (Residential and Commercial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the research study, the global Wellness Real Estate Market was estimated at USD 115,152 million in 2018 and is expected to reach USD 242,461 million by 2027. The global Wellness Real Estate Market is expected to grow at a compound annual growth rate (CAGR) of 8.8% from 2019 to 2027.
Wellness real estate is a promising industry that has the ability to fulfill the immense health challenges of today’s world. The main objective of the wellness real estate activities is to give the wellness of the people a key priority and design, create, and redevelop households and neighborhoods. The movement has not started from scratch but it has derived the wellness concept from many historical as well as recent movements while combining the outstanding features through a multidimensional wellness lens. Many elements of the green construction, design-driven, and food movements are already being accepted. Apart from this, new kinds of urbanism, intentional communities, and others are already being blended in innovative ways into upcoming wellness emphasizing residential ventures and communities.
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The growing trend of green constructions to drive the market expansion
Massive concerns over GHG gas emissions through buildings are likely to propel the demand for green constructions over the forecast timeline. Apart from this, the need to minimize operating costs and benefit the environment is likely to encourage the builders to construct green buildings. All these factors are predicted to contribute sizably towards the wellness real estate industry surge over the forecast timeline.
Moreover, the growing popularity of green buildings is credited to their ability to offer high air quality and good biodiversity. In addition to this, the increase in the green organizations across the globe and the launching of many projects that transform current structures into greener ones will steer the expansion of the wellness real estate industry over the forecast timeline.
Furthermore, the rise in the number of wellness lifestyle real estate ventures in Europe, North America, Latin America, and the Asia Pacific regions will further promote the market growth trends. Nonetheless, the high competition witnessed among the players due to awareness about healthy living & wellness lifestyle will hinder the expansion of the market over the forecast timespan.
A residential segment to dominate the overall market growth over the forecast timeline
The residential segment is projected to garner revenue of nearly USD 181,800 million by 2027. The growth of the segment is attributed to the launching of open-air yoga workshops and nurturing or cultivating & nourishing gardens with medicinal herbs & plants in residential ventures. Moreover, providing space for meditation in courtyards has become a new trend in real estate residential construction and this has paved a way for the growth of the segment.
The massive green building trend is credited to its ability to offer high air quality and good biodiversity. The increase in green organizations across the globe and introducing many projects that transform current structures into greener ones will accelerate the progress of the wellness real estate industry over the forecast timeline. Furthermore, the increase in the number of wellness lifestyle real estate ventures in Europe, North America, Latin America, and the Asia Pacific regions will further promote the market expansion over the forecast period.
North America to dominate the overall market growth in terms of revenue
The growth of the regional market is attributed to the rise in the number of wellness projects along with the growing desire for wellness programs in the region. For the record, North America has 372 wellness lifestyle real estate ventures and this is the highest number followed by 293 projects in the Asia Pacific.
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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
