With 2020 here, we have entered a new year and a new decade. Over the past ten years, we saw many changes to the Canadian housing market, mortgage technology, and business altogether. In the next ten years, that rapid advancement is likely only going to speed up further.
The PwC Canada Emerging Trends in Real Estate® report for 2020 emphasizes the fast-changing market conditions we might expect to see.
“Many of these business challenges aren’t new, but the pace of change is picking up,” PwC Canada wrote in the report.
Disruptions highlighted in the report include changing customer expectations, preferences, and behaviours; the need to embrace proptech; broader trends such as co-working and the sharing economy; policy changes; global economic uncertainty; and changes caused by labour shortages, skill gaps, and cybersecurity vulnerabilities.
In particular, the Toronto real estate market is especially vulnerable to fast-changing market conditions, said PwC.
As reported by Mortgage Broker News, PwC Director of Real Estate Research, Andrew Warren, added that “mixed developments will see a much increased presence in Toronto, largely due to the needs of those residing and working in the city.”
The full PwC report can be found here: https://www.pwc.com/ca/en/real-estate/publications/emerging-trends-in-real-estate-2020.pdf
The question we want to focus on, however, is how Canadian housing, mortgage, and financial professionals can adapt to rapidly shifting markets, trends, and behaviours.
The pace of transformation points to a strong need for agility. Professionals need to be able to adapt just as quickly as the rate of change, gather strong, accurate data instantly (or as close to instantly as possible), and be flexible in their processes and in their tools.
A rapid change rate requires a proactive rather than reactive approach. To stay competitive, you need to be ahead of the curve, otherwise you risk falling behind.
How can you achieve this? Luckily, as technology grows and picks up speed, you can leverage it to do the same.
Digital tools for mortgage and financial professionals allow you to harness data to find opportunities early on and mitigate risk just as quickly.
For instance, by using a solution such as PIN Monitoring from Purview lenders can track day-forward title registration activity on properties of interest. This allows you to be instantly notified when a change happens, or even anticipate the need for change before it occurs.
The same is true for Purview’s other technological solutions, like running an automated valuation model (AVM), conducting a Fraud Check, or quickly verifying the owners on title.
Knowledge is also key. The challenge with knowledge in a digital world is that it can sometimes be difficult to cut through the noise. There is so much content, news, and headlines competing for your attention that it is impossible to keep on top of it all.
The solution here is identify the most trusted sources from industry professionals.
Pay attention to housing reports using reliable, accurate data, such as the Teranet-National Bank House Price Index. Read the key insights covered in the Teranet Market Insights Reports. Take part in Teranet Market Insight Forum events. These are all ways to stay connected, competitive, and in the know.
Look for opportunities to turn insights into action. Having better data is only useful in so far as you actually use it.
Taking passive action — reading reports, news articles, and analyzing — is of the most benefit when paired with massive action — developing the insights you glean into key practices for your business and clients and choosing technology that does more for you.
The Canadian mortgage market trends of the future are changing rapidly, but you do not have to be left behind.
Get ahead of the curve with insightful financial tools that give you the power of more. Purview’s solutions for mortgage and financial professionals put you ahead of the curve. Gain access today by calling 1-855-787-8439 or visiting www.purview.ca.
Our portfolio of solutions for the financial industry is growing. Stay tuned for more information.