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With the pandemic eventually coming to an end, there are many questions and unknowns about how the real estate market will look in the next few years.
Will more people choose city living or suburb living in the future? There are many pros and cons to both options.
Living in a downtown core allows people to have easy access to public transportation, decreasing or eliminating the expense of owning a vehicle. Cities like Toronto are home to an extensive array of public parks, have access to the lakeshore, and have thousands of unique restaurants for socializing. The benefits of downtown living are numerous, and when coupled with the proximity to large corporate offices, universities, government and other large employers, downtown living offers a potential for a lavish lifestyle.
Suburbs living presents a stark contrast to the city lifestyle. A suburban setting will offer more indoor and outdoor living space at a lower cost, and the savings are generally transferred into higher transportation costs like a personal vehicle. That vehicle will allow more freedom to explore a greater radius to appreciate things such as the wineries and waterfalls that the GTA and surrounding areas have to offer. The suburbs can also allow for the best of both worlds – being able to drive into and explore the city and then going home to your beautiful, larger, and more cost-effective living spaces. The duality of suburban living is a huge selling point and a significant factor in migrating from urban cores.
The real estate market in Toronto and the GTA has been highly active due to the pandemic. The COVID-19 epidemic caused a financial crisis and historic lows in interest rates to compensate for the economic downturn. In addition, offices closed and the ability to work from home negated the necessity to live close to corporate offices. A new freedom of location sparked a monumental surge in demand for suburban houses, and a lower supply of properties for sale started a trend like the industry has not seen in years.
Many buyers are facing a decision. Do I stay in Toronto with smaller indoor space with the optimism that a return to the office, nightlife, and entertainment are coming shortly? Or do I move to the suburbs of the GTA for more access to private yard space, larger floorplans for similar prices, and less congested downtowns? We will be watching the market to see how people choose.