Investors, Learn the price comparison in Canada between downtown and suburbs
In olden times people used to prefer places that were away from the hustle and bustle of the city. Since the centre of the city used to be crowded, having huge homes with lawns and backyards was not possible. People used to prefer having big houses with huge front and backyards. They used to like living in the suburbs that ensured a clean and healthy environment and a peaceful lifestyle.
With the changing lifestyle and time, choices of people are also changing. They now prefer small unit houses that are in the centre of the city. There are many factors that have lead to this choice by the buyers. This has greatly affected the price of property in the city. The suburbs have become the second choice and hence, the prices have fallen. The centre of the city, commonly called the downtown has become the first choice and the prices for these areas have soared.
Many factors that have affected the property prices in the centre and in the suburbs of the city are:
- Availability of transportation. All the major sub-ways and street car system around Canada lie in the heart of the city. Billions of dollars worth revenue is being spent in making new subway and street car systems in the major cities like Toronto and Vancouver. Ottawa and Calgary are also trying hard to meet up the pace of the leading cities. Government is trying its best to meet the transit demands of people and to minimize the economic cost and keep a positive effect of the environment.
- Having a proper transit system near to your place saves you a lot of money. Travelling through streetcars and subways is a lot cheaper than owning a personal four wheeler. It saves the monthly maintenance and gas costs.
- Travelling through the transit service is also environment friendly. It cuts back on a lot of pollution caused by using cars.
- All the major business centres and malls are located in the downtown. This helps in going to work, school, college or shopping easier and quicker. People prefer living in a place that is a walk away from the basic places or at least from a transit station.
Studies have shown that properties located in or near the downtown in Canada have remained of more or less the same value even in the time of market downfall. This is clearly visible at the AirBnB and VRBO markets. Properties located at or near downtown yield a higher return.