07 Sep Are you investing in the wrong neighbourhoods in the GTA?
LOCATION, LOCATION, LOCATION, you must have heard this real estate phrase enough and may wonder what possesses agents to say it three times. Or you might think it pertains to three different types of locations — perhaps an excellent location, a mediocre location and a lousy location. It means identical homes can increase or decrease in value due to location. It’s repeated three times for emphasis, and so you will remember the phrase. It’s the rule of thumb in real estate, and it’s often the most overlooked rule. A survey conducted by Environics Research Group in May 2014 confers the same principle.
Taking housing costs out of the picture, 81 percent of respondents would choose a house on a modest lot, a townhouse or a condo in a city or suburb that is walkable to stores, restaurants and other amenities and has good access to frequent rapid transit.
When asked about the most important attribute for choosing where to live, respondents’ top five rankings were:
1. Living in a detached single-family home (14.7 percent)
2. Easy walking distance to shops, restaurants and other services (13.3 percent)
3. A commute to work that is less than 30 minutes one way (13.3 percent)
4. Easy access to frequent rapid transit (such as subway, GO Train or streetcar) (11 percent)
5. Privacy from neighbours (10.7 percent)
Commuters who get to work by transit, bike and foot place a much higher importance on location effiency than drivers. Drivers on the other hand are more concerned with oiwning a more spacious, detached, single family home with a large lot.
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