Real Estate: Small in the City or Big in the 'Burbs?

The Feds released the data from the 2006 Canadian Census yesterday, with the major headline being that Toronto is growing slowly while the 905 is booming. Toronto's population grew by just 0.9% since 2001 while towns like Vaughn (31%), Brampton ( 33%), and Milton ( 71%) are seeing an explosion in growth.
It seems that despite the City's and the Province's efforts at encouraging density, more and more people are choosing to settle in the suburbs and leave the Big Smoke behind. But could this also be a symptom of the booming Toronto Real Estate Market? Have too many buyers been 'priced out' of the city?
Many of my clients are first time buyers who have to come to grips with the harsh realities of a hot Toronto market. (Do I get a shoe box condo downtown or a detached home with a garage in the 'burbs?). This isn't a new phenomena or one exclusive to Toronto, however, we do tend to witness this occurrence more readily when a given market is escalating as rapidly as Toronto's has been for the past several years.
Ultimately, the choice comes down to lifestyle. Do you want to be able to walk to the grocery store, transit, your favourite coffee shop? Well then, the City is probably for you-just get used to calling that 8'x8' closet your second bedroom. Want a yard, a finished basement, and a spot for that second car? Living in the 'burbs would make the most sense for you-I just hope you don't mind dealing with a 90-minute commute.
[Interested in urban sprawl? Check out Radiant City at Varsity Cinema on March 26.]
Comments (4)
Yep...I agree. The hot market is to blame. One thing I'm surprised by is the fact most of the growth is coming from immigrants and I thought the majority of them would want to settle downtown where much of the culture and diversity is located.
There's also a possibility that since some of the biggest developments haven't yet been completed (ie. City Place) we won't see that growth surge for a couple more years.
I thought i was moving to toronto for a better standard of living with a more affordable property market than London. Not so. I've never been so depressed than I was when walking around condo show homes over the weekend.
half a million for a decent sized condo in the y&b region is outrageous...
It is interesting though, that some places in the suburbs are getting denser ( i.e. Cornell Community in Markham) and that ppl in the 'burbs' are choosing the 'shoebox' houses instead of the greenfield developments next door. I wonder why? Maybe there's something more to 'shoebox living' than we realize...
Milton is now an empire of 53,000 residents... yes 71% great number to post yet the entire population of Milton fits in one busy city block.... it's all relative
consider this: the average price of a house is greater then avg price of a condo, and young people come to the city in droves, buying or renting. families need more space hence suburbs... lets keep the perspective and keep our cool














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