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We all know that “location, location, location” is key when it comes to homebuying priorities – but what makes a really good location?
Mustel Group and Sotheby’s International Realty Canada’s Modern Family Home Ownership Trends Report: Neighbourhoods “In Transit” polled young “modern family” homeowners in Canada’s four biggest cities to find what their top priorities were when it came to the location of their home.
The survey found that, in Metro Vancouver, transit-friendliness is cited as a top-three location priority for 30% of young-family homeowners. Across Canada, that figure drops slightly to 28%.
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In comparison, the car-friendliness of a neighbourhood, such as access to major arterial roads and plentiful parking, was one of the top three location priorities for just 13% of Metro Vancouver families, and 17% across all Canadian survey respondents.
Brad Henderson, president and CEO of Sotheby’s International Realty Canada, said, “Transportation and housing have always been inextricably linked. Investments into any transportation infrastracture, whether rapid transit, bus lines, roads, or bike lanes, not only have a direct impact on a community’s quality of life, but often, real estate values. The importance that many of today’s young families are placing on neighbourhood public transit access when home buying reflects changing attitudes and values, the strains of cost of living, as well as improvements to transit infrastructure made to date. These priorities also point to what this influential group of buyers will deem prime real estate locations in the future.”