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.]
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