For years Toronto has been the destination of choice for singles, couples and families looking to get their lives started. The city has presented the opportunity to break into real estate, experience the rush of living in a big city and to easily get anywhere they wanted to go with the help of public transit and 400-series highways.
But lately the trend has been shifting away from city life and into the suburbs. Couples and families are starting to realize that housing prices, sizes and availability are becoming a bit of a roadblock when they are looking to get started in the housing market, or to grow from what they have.
Many reasons to head to the 905
In the era of COVID-19, things have changed and while some things will get back to normal – some won’t. Primarily, some employers will permanently allow work-from-home opportunities. A move to the 905 from Toronto often allows buyers to get out of cramped living spaces and into homes with room for an office! More space often for less money. That’s value!
There are many reasons why people are leaving the city of Toronto in favour of the 905 but when looking into buying a new home, whether for yourself or as an investment property, it’s important to do some research into what your down payment can get you in each area.
Some reasons to consider moving out of the city in favour of the 905 include:
1. More space per square foot for condos
The most prominent housing game in Toronto is to fit as many condos into a footprint as possible. Getting out of the city is a sure way to get more space in a condo as compared to what you’d find in the city.
2. Work comfortably from home
More and more people are working from home. Employers have realized productivity matters more than having employees assembled together. With technology, virtual meetings have become the norm. Would you prefer a packed lunch at your desk or fast food in 30 minutes? Or, having something fresh at home with time for bike rid midday? The lifestyle and lack of commute is priceless.
3. More land per square foot for detached homeowners
With homes not built one on top of each other in the 905 in the same way they are in Toronto, a homebuyer will naturally get more land for their investment price. When shopping for a detached home in the 905, buyers are more likely to get more of a backyard or a larger house compared to what they’d get in Toronto for the same price or higher.
4. Lower house prices
House prices in the 905 are lower than they are in Toronto, making this surrounding area a valuable place to invest in. As more families move out of Toronto in favour of these areas though, home prices are bound to increase there as well. So, if you’re looking here you won’t want to dawdle!
5. Less traffic congestion
Toronto is famous for its traffic congestion. It’s not uncommon for a daily commute to take an hour or more! Moving outside of the city into some of the outlying regions within the 905 can help reduce this traffic and commute time.
6. More affordable for families just starting out
With the average home price in the Toronto area increasing over 16% in the past year, it can be difficult for new buyers to break into the market. Getting out of the Toronto region to look at areas like Hamilton, the Peel region or the Halton region can be more affordable for couples and families that might be coming in with a lower down payment and credit history.
7. Great opportunity for investment
Because it’s clear that so many couples and families are moving out of the 905 in favour of the suburbs, if you’re looking to get started in the investment property game buying outside of the GTA is the way to go. With lower purchase prices, more variety in home style and availability of preconstruction units you’ll open yourself up to great investment potential.
8. Ability to choose from a new build or an older home
Since much of the GTA is already built on, the only way to go is up- with apartment style condos. If you’re looking for a single-family home or a duplex, getting out of the GTA will likely open up the options for you to look at both existing older homes and new builds.
9. More green space
With homes in Toronto such a hot market, there’s motivation for developers to decrease the amount of green space in the city in favour of saleable housing space. On the flip side, communities in the 905 pride themselves on the amount of green space and nature trails available to their residents.
10. Excellent access to amenities
With the 401 running through many of the communities in the 905, it is easy to get into the city if you want to. But the abundance of amenities within the surrounding communities means you likely won’t even miss it. With countless doctors, shopping centers, entertainment venues and sports centers, there is no shortage of great amenities in the 905.
Escape the big city to live – bettter!
Considering that current employment and health trends are leading to more workplaces allowing or even encouraging employees to work from home, being happy in the home you have is more important than ever. If you’ve reached the point where the Toronto commute just isn’t necessary anymore, now is the perfect time to look into moving out of the city and into the 905. It just might be the life you’ve dreamed of!