When most people think of suburbia, they picture two-car garages, uniform lawns, quiet streets, and spacious backyards. It offers a certain lifestyle that doesn’t appeal to everyone but it’s a reality for many who want to enter the GTA housing market.
The reason it is such a viable option isn’t just because of the ample inventory or the quiet and peaceful living. It’s because buying suburban property has historically been a wise investment in the GTA.
Let’s review some of the reasons why choosing suburbia might make a lot of sense for your lifestyle and finances.
A Sound Investment
As Toronto searches for some semblance of affordable housing, more people are looking towards areas outside Toronto like Mississauga, Oakville, Thornhill, Thornhill Woods, Milton and Aurora to get more bang for their buck. Homes in the suburbs tend to offer more square footage, larger lots and amenities like garages, finished basements and storage space.
Suburbia has evolved to become self-contained communities. Most feature community centres, malls, access to highways and a lot of big box and brand name stores. Gone are the days where you had to travel long distances to find a grocery store open late at night.
For decades, developers have invested in the suburbs because it offered the space to build complete neighbourhoods. The uniformity of homes allows for quicker construction schedules, which results in more inventory.
If downtown and midtown Toronto continue to suffer from a lack of detached homes, then it only makes sense that people will continue to head east, west and north to buy.
More Convenient than Ever Before
The GTA has invested a lot of resources into creating public transportation infrastructure for the suburbs. You could avoid spending hours on the Don Valley Parkway by using the GO train or bus, certain subway lines or the LRT once it is completed. These are designed to help people commute to work every day with more convenience and ease.
Looking to buy your first home? The suburbs could be the place for you. Even if you are unsure about the lifestyle, remember that as an investment it typically offers a lot of value. Contact us to discuss getting pre-approved for a mortgage and we’ll be happy to answer any questions you might have.