{"id":17375,"date":"2021-03-16T19:41:45","date_gmt":"2021-03-16T23:41:45","guid":{"rendered":"https:\/\/sothebysrealty.ca\/insightblog\/?p=17375"},"modified":"2021-05-01T17:40:24","modified_gmt":"2021-05-01T21:40:24","slug":"the-great-escape-moving-beyond-urban-city-limits","status":"publish","type":"post","link":"https:\/\/sothebysrealty.ca\/insightblog\/en\/2021\/03\/16\/the-great-escape-moving-beyond-urban-city-limits\/","title":{"rendered":"The Great Escape: Moving Beyond Urban City Limits"},"content":{"rendered":"

Real-estate brokers explain why the quest for more space has buyers heading to the suburbs.<\/p>\n

It\u2019s 2021 and with the world still grappling with the Covid-19 pandemic, the suburbs are being seen as a haven from the city\u2019s clamour and close quarters \u2014 value-laden, wide-open spaces with increasing appeal. A move out to the \u2019burbs has always been a personal choice, but with urban density reaching new heights, figuratively and literally, many residents in Canada\u2019s largest cities are finding that trading in a busy city home for a quieter one is a decidedly smart decision.<\/p>\n

VANCOUVER<\/strong>
\nThe suburbs of Vancouver, among the most expensive cities in Canada for owning property, have become not a choice but, at times, actually the only option for homeowners coveting a larger footprint. Even then, the classic suburban dream can remain just that. Instead of the traditional suburban house ,buyers are being offered an alternative. \u201cWe\u2019re seeing a townhome development sprawl, which provides for more affordability, allowing every-day people to upsize from a condo to a more inviting home,\u201d says Shazhil Karim, Senior Vice-President of Sales at Sotheby\u2019s International Realty Canada. \u201cQuite simply, affordability has broken away from the \u2018big lawn, driveway and white picket fence\u2019 clich\u00e9.\u201d Those seeking more interior and exterior space can expect standard four to five bedrooms, sizeable mud rooms and basement entrances that lead into separate living quarters, plus plenty of space for outdoor toys like ATVs, Jet Skis and canoes. And contrary to popular belief, going suburban isn\u2019t about compromising one\u2019s social calendar. \u201cThe general [thinking is] that amenities will be more spread out or will not be as upscale as urban living,\u201d Karim points out. \u201cBut this gap is closing in suburban communities such as Port Moody Centre, South Surrey\u2013White Rock and Tsawwassen, which now offer what was once only found in urban centres. Craft breweries, coffee shops, gyms, restaurants, hair studios and nail salons are migrating and making it easier for consumers to relocate to a suburban environment.\u201d Neighbourhoods like North Vancouver, Port Moody and North Burnaby have stand-alone homes that average $1.5 million to$1.6 million, with townhouses going for$650,000 to $1 million. But, like so many big markets, patience, awareness and timing are key.\u201c It\u2019s really about understanding a buyer\u2019s budget, then narrowing desirable neighbourhoods based on the family\u2019s needs, lifestyle and goals,\u201d notes Karim. \u201cThe [worst] oversights are moving [the buyer] too far away from their loved ones in an effort to get more value or not knowing [the buyer\u2019s] true budget.\u201d<\/p>\n

CALGARY<\/strong>
\nHaving gone through a period of transition over the past decade \u2014 moving from oil to tech and health care\u2013based markets \u2014 Calgary remains chock full of cultural amenities and new developments, all surrounded by nature. And while the city slowly recovers from its reliance on oil, the current economic uncertainty is a gold mine for home purchasers. \u201cThe buying opportunities across all product types and geographic areas in Calgary are significant,\u201d says Barb Richardson, Senior Vice President of Sales at Sotheby\u2019s. \u201cA typical two-bedroom, two-bath condo in a newer concrete build in Calgary would be in the$350,000 range. In Toronto or Vancouver, that would be at least double. The same applies for larger estate homes in suburbs like Springbank and Bearspaw.\u201d Calgary also offers buyers the expected suburban bonuses \u2014 large lots, two-to-three-car garages \u2014 and with upgrades over yesteryears. \u201cThe biggest difference is probably the amenities and, in some cases, almost \u2018mini-town cores\u2019 within the city,\u201d notes Richardson. \u201cMcKenzie Towne is a great example and there are others \u2014 not just big-box shops but \u2018small-town feel\u2019 centres. \u201dThe city\u2019s range of available homes is broad, from new developments to older bungalows and established communities. The result is a variety of price points. Recently built attached homes in southwest communities like Killarney and Glamorgan go from $600,000 to $800,000. Meanwhile, on Calgary\u2019s west side, family homes are in the $650,000\u2013$850,000 range. Moving up to new luxury builds in Aspen Woods and West Springs, expect prices to head upwards, to $1 million up to $1.5 million. In addition to the transitioning economy, Richardson reports that many desirable neighbourhoods \u2014 such as Signal Hill, Springbank Hill, Crestmont, Valley Ridge, Cougar Ridge and Strathcona Park \u2014 have remained flat in value for many years. \u201cI believe these communities are well poised to appreciate with new transportation options, and the number of homes being renovated or rebuilt will allow buyers to take advantage of such fantastic locations.\u201d<\/p>\n

TORONTO<\/strong>
\nPerhaps no Canadian city exemplifies the suburban exodus like Toronto. Surrounded by a tumbling sprawl of communities that fringe Lake Ontario east and west (as well as to the north), this city offers nearly limitless options tailored to every budget. \u201cPeople are now leaning into what the suburbs have to offer,\u201d says Daniella Quattrociocchi, a Broker at Sotheby\u2019s International Realty Canada. \u201cProvincial lockdown measures highlighted the upside of suburban living \u2014 big lawns, large driveways and urban sprawl. People want space and the suburbs are here for them.\u201d Some communities like Burlington and Oakville \u2014 which offer close proximity to both Toronto and the Niagara region, as well as lake access and countless nature trails \u2014rank among the top places in Canada to live in, according to Quattrociocchi. Not surprisingly, good value doesn\u2019t remain a secret for long. \u201cThe recent trend to move out of the city has only pushed values higher here,\u201d she says. \u201cMilton and Halton Hills are now see-ing this trend as well.\u201d A typical detached home in coveted Oakville communities such as Bronte and River Oaks will cost around $1.3 million. Quattrociocchi lauds the community vibe in the suburbs but recommends buyers to be cautious. While a house may look grand on the outside, keep in mind that you should always be concerned with what\u2019s inside. \u201cPay attention to the details of a listing,\u201d she advises. \u201cFor example, you wouldn\u2019t have to worry about a home in Toronto with a septic tank. But there are areas as close as Mississauga where homes are still on a septic system. Even if you have a city agent you trust, get a local agent\u2019s perspective \u2014 they have the inside scoop on the communities and what is going on.\u201d<\/p>\n

MONTREAL<\/strong>
\nNot all trends are meant to be followed, of course, and Montreal is a city that moves to its own beat. According to Liza Kaufman, Certified Real Estate Broker and founding partner at Sotheby\u2019s International Realty Qu\u00e9bec, buyers are digging in and investing in the city. This means popular neighbourhoods like Mount Royal and Westmount remain among the city\u2019s most desirable. And with a median value still less than half that in Toronto or Vancouver, market growth in the City of Saints is bound to increase. Montreal\u2019s geography as an island city also contributes to this desire to stay put, with its rivers creating a natural barrier against migration. There\u2019s also the well-apportioned collection of renowned universities, hospitals and other amenities that make Montreal living so irreplaceable off-island. But then, last August, the city witnessed the record sale of a Mount Royal Park home for$18 million and real estate exploded. \u201cMontreal has become the new place internationally for people to invest in,\u201d explains Kaufman. \u201cWhether[they\u2019re] escaping pressures economic or political, I\u2019m fielding calls from America, across Europe and beyond.\u201d According to the Quebec Professional Association of Real Estate Brokers (QPAREB),Montreal\u2019s new boom extends beyond the metropolitan area with home sales increasing 31 percent in suburban regions. Buyers are looking at these regions as alternatives, making a purchase of a larger or a second home outside the city core a foreseeably sound investment.<\/p>\n

 <\/p>\n

\n

This article originally appeared in INSIGHT: The Art of Living, Spring 2021 issue, The Leaders Issue. Written by John Crossingham<\/em><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Real-estate brokers explain why the quest for more space has buyers heading to the suburbs. It\u2019s 2021 and with the world still grappling with the Covid-19 pandemic, the suburbs are being seen as a haven from the city\u2019s clamour and close quarters \u2014 value-laden, wide-open spaces with increasing appeal. A move out to the \u2019burbs has always been a personal choice, but with urban density reaching new heights, figuratively and literally, many residents in Canada\u2019s largest cities are finding that trading in a busy city home for a quieter one is a decidedly smart decision.<\/p>\n","protected":false},"author":31,"featured_media":17376,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[394],"tags":[411,434,1422,1423,1424,4,8,9,92,129,255,267,278,348],"class_list":["post-17375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insight-magazine","tag-british-columbia","tag-westmount","tag-urban","tag-city","tag-suburban","tag-calgary","tag-toronto","tag-vancouver","tag-montreal-2","tag-bc","tag-quebec","tag-oakville","tag-ontario","tag-alberta"],"yoast_head":"\nThe Great Escape: Moving Beyond Urban City Limits - Sotheby's International Realty Canada<\/title>\n<meta name=\"description\" content=\"Real-estate brokers explain why the quest for more space has buyers heading to the suburbs. 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