Looking to buy property in the country’s most desirable neighbourhoods? Real estate brokers offer Insight: The Art of Living<\/em> advice on what to expect.<\/p>\n In every major market across the country the<\/span> prime communities share similar attributes \u2014<\/span> easy access to downtown, proximity to green<\/span> space and prestigious schools. With so many of<\/span> these factors tied to geography and static city<\/span> planning, the best areas can appear set in stone.<\/span> Luckily, new construction projects and the ever-changing real estate market means that there is<\/span> hope for buyers to get into the neighbourhood<\/span> of their choice in these Canadian cities.<\/span><\/p>\n TORONTO<\/strong><\/p>\n Toronto is one of Canada\u2019s most dynamic real<\/span> estate markets. The cost of housing is higher<\/span> than the national average and, according to the<\/span> Financial Post,<\/span> a home can cost 75.9 per cent<\/span> (pre-tax median yearly) of a household\u2019s annual<\/span> income. It may be even more if you\u2019re aiming<\/span> for a postal code in one of the city\u2019s most<\/span> desirable neighbourhoods.<\/span><\/p>\n \u201cPopular areas consistently maintain tight<\/span> proximity to the subway system,\u201d says Nigel<\/span> Denham, a senior vice-president of sales at<\/span> Sotheby\u2019s International Realty Canada. \u201cThese<\/span> [areas] include Bloor West Village and North<\/span> Riverdale, but the north-south line bordering<\/span> Yonge Street remains the most-sought-after<\/span> and expensive markets.\u201d<\/span><\/p>\n However, the market does have its share of<\/span> surprises. \u201cThere is still reasonable value in<\/span> places like Bedford Park, High Park, Swansea,<\/span> Bloor West Village and the Kingsway,\u201d says<\/span> Robert Nelson, a sales representative for<\/span> Sotheby\u2019s International Realty Canada. <\/span><\/p>\n But<\/span> Nelson notes, \u201cYou will quickly compromise<\/span> on getting a private drive or [that] fourth<\/span> bedroom.\u201d Homes tend to sell quickly<\/span> too. While most properties spend<\/span> two to three weeks on the market, they stay<\/span> there for a shorter period of time if the asking<\/span> price is under $2 million. Only homes above<\/span> the seven-million mark begin to encounter a<\/span> significant lag in movement.<\/span><\/p>\n In light of this competitiveness, timing<\/span> and a personal touch can change one\u2019s<\/span> fortunes. \u201cWe often knock on doors and<\/span> do mass mailouts looking for off-market<\/span> opportunities,\u201d Denham explains. \u201cIn one<\/span> instance, we had a client buy the house of<\/span> their good friends who were moving on.<\/span> It was definitely odd, but the sellers preferred<\/span> a discreet sale. In another, our buyer noticed<\/span> the owner was a scotch drinker and brought<\/span> a bottle of one of his favourite single malts <\/span>as a token of good faith \u2014 and it worked!\u201d<\/span><\/p><\/blockquote>\n MONTREAL<\/strong><\/p>\n The city\u2019s low unemployment, lack of<\/span> competitiveness from foreign buyers, rich<\/span> architectural legacy and unique cultural<\/span> atmosphere all make purchasing a home here<\/span> attractive but competitive.<\/span><\/p>\n \u201cIn 2018, we saw more multiple offers and<\/span> properties selling over asking,\u201d says representative from <\/span>Sotheby\u2019s International Realty Quebec<\/span>. While a lack of inventory has led to<\/span> quicker sales, offering a word of caution.<\/span><\/p>\n \u201cVendors knew they could make money by<\/span> selling, but where could they buy next, [given]<\/span> how prices were up across the board?\u201d<\/span><\/p>\n This buying climate means that in Montreal,<\/span> fortune favours the brave. \u201cMany buyers assume<\/span> they are an \u2018expert\u2019 and get upset when they<\/span> miss out or get outbid on the house they want. <\/span>In a hot market, put your best<\/span> foot forward. Don\u2019t try to bargain and offer less<\/span> to \u2018see what happens.\u2019 Someone else is going to<\/span> buy the house you want!\u201d<\/span><\/p>\n Other than the popular downtown core,<\/span> which is dominated by condos, the top-tier<\/span> neighbourhoods continue to be Westmount,<\/span> Outremont and Mount Royal. In these areas,<\/span> a semi-detached home begins at around $1.5<\/span> million, while a detached home in need of a full<\/span> reno can hit $2.5 million and, usually, out of<\/span> budget for many buyers.<\/span><\/p>\n If you\u2019re unwilling to strain your resources<\/span> \u2014 and\/or your nerves \u2014 Brosseau recommends<\/span> looking at other locales. \u201cWhen it comes to<\/span> more suburban neighbourhoods, certain parts<\/span> of the West Island (Kirkland, Beaconsfield,<\/span> Dollard-des-Ormeaux and Pointe-Claire) and<\/span> areas on the North Shore (Sainte-Doroth\u00e9e and<\/span> Duvernay) continue to attract buyers, as they<\/span> get more bang for their buck in terms of size<\/span> of home and land.\u201d<\/span><\/p><\/blockquote>\n CALGARY<\/strong><\/p>\n If you\u2019re looking to put down roots here, you\u2019re<\/span> in luck. Getting a home in one of the top<\/span> neighbourhoods is within your grasp \u2014 and<\/span> it\u2019s reasonably affordable. While the city waits<\/span> for the oil market to turn around and with new<\/span> mortgage regulations, houses here offer extra<\/span> amenities that you won\u2019t get anywhere else.<\/span><\/p>\n \u201cIt is an exceptional time for buyers to get<\/span> into areas like Upper Mount Royal, Altadore<\/span> and Aspen,\u201d notes Barb Richardson, a senior<\/span> vice-president of sales at Sotheby\u2019s International<\/span> Realty Canada. \u201cWhere they may have been<\/span> \u2018priced out\u2019 a couple years back, a home that<\/span> sold for $2 million in 2014 is now down, [at]<\/span> around $1.7 million in 2019. When the market \u2018returns,\u2019<\/span> these buyers will be in a good position should<\/span> they wish to sell. Those that bought their<\/span> houses during the oil boom may have paid 10 to<\/span> 20 per cent more for their equivalent home.\u201d<\/span><\/p>\n Current expansions of the city\u2019s pioneering<\/span> light rail transit system \u2014 the CTrain \u2014<\/span> will also likely raise the value of numerous<\/span> neighbourhoods in the near future.<\/span> \u201cCommunities that will benefit from the LRT<\/span> line and Stoney Trail expansion represent smart<\/span> investments,\u201d says Richardson. \u201cI particularly<\/span> like Inglewood, which is becoming Calgary\u2019s<\/span> up-and-coming music area along the river, and<\/span> West End neighbourhoods, like Springbank and<\/span> Elbow Valley.\u201d<\/span><\/p>\n Richardson also speaks highly of University<\/span> District, a multi-builder development that<\/span> will offer condos and townhomes, as well as<\/span> single family homes and rental properties.<\/span> \u201cIt\u2019s perfectly situated between the city\u2019s two<\/span> largest hospitals and the University of Calgary,\u201d<\/span> she explains, citing that each provides stable<\/span> employment. \u201cSome of the first projects here<\/span> have already been launched with unprecedented<\/span> demand and excitement, beyond what we are<\/span> seeing in any other area of new construction<\/span> and resale in Calgary.\u201d<\/span><\/p><\/blockquote>\n![\"\"](\"https:\/\/sothebysrealty.ca\/insightblog\/wp-content\/uploads\/2019\/04\/9978-alex-parent.jpg\")
Montreal MLS 21850680<\/a><\/div>\n
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