2 minute read.
Many buyers are currently escaping the city to find properties in suburban and rural areas outside of large cities like Toronto. There are several ensuing reasons but lower housing prices seem to be the biggest.
The Cost of Housing in Toronto
House prices in downtown Toronto are high and still continue to rise. The average cost of a detached home in August 2019 was approximately two million dollars.
For many first-time homebuyers, these increasingly high costs make it really difficult to purchase. If a buyer is looking to provide a 20% down payment, they would need $400,000. It sounds impossible, doesn’t it?
Suburban Home Prices
Homes in neighbouring towns are drastically less expensive. In Newmarket, for example, the average sale price for a detached home in August 2019 was $799,386. In comparison, this would be the cost of a two bed/two bath condo in Toronto. Prices drop even more the further you get outside the metropolitan area.
According to a Queen’s University report, more than 74% of Canada’s population live in the suburbs. From 2006 to 2016, suburbs grew by more than 17% and rural areas grew by 20%. With no expected change in housing prices, these areas are predicted to grow even larger.
More Reasons Homebuyers are Escaping the City
Cost of Living
Whether it be a gym membership or a cup of coffee, most city residents will notice a premium on basic things. In some cases, it is determined by the volume of people in an area but the simple result of gouging.
Living in the city, you get used to living on top of each other. In the suburbs, it’s common to find yourself with more space than you know what to do with.
The city if very crowded whether you are driving on the road or walking on the sidewalk. From long lines to being crammed into a streetcar, the city isn’t always a pleasant experience. In the suburbs, it is not often you will find large crowds or stuck in gridlock except for the odd popular community event.
If you are looking for more information on moving to an area outside the city click here to learn how Knowledge Broker can help you on your journey.
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