It's an age-old dilemma, whether to live in the city or head out to the suburbs or perhaps even to the country. Depending on your age and where you are in your life, this decision can be an easy one, or it can be quite difficult. Often when first buying into the market, one may be single or just married (or without children) and run by the mantra 'location, location, location.' The lure of the city with its convenient public transportation, nightlife and employment opportunities are overpowering and invigorating. The challenge with this is that often location and budget do not align. Your money will only stretch so far in the city and compromise tends to be the name of the game. Your dream home with a garden may require your dream home to take a back seat. Or your dream location may translate into a cozy dwelling.
What is urban anyway?: according to Stats Canada, the difference between urban and suburban is determined by factors such as: municipal boundaries, the distance from city hall and/or the central district and housing density. The landscape of the suburbs has changed in the last 20 years. Nowadays it's common to find urban areas in most residential suburbs. One can easily find and expect to access established name shops and other amenities. Therefore, the line between urban and suburban living is harder to distinguish.
Costs: property taxes can vary from urban areas to suburban regions. In the GTA, for example, property taxes are based on mill rate, which is calculated by multiplying the property's assessed value by the current tax rate. It is expressed as 'dollars of tax per $1,000 of assessed value'. You do get more space and house for your dollar the further you reside from downtown, but one does need to take into consideration the expensive, time consuming commutes to and from the city.
Lifestyle: assessing which lifestyle is for you depends on your definition of quality of life. It can be influenced by the location of where you work in accordance to where you live. Living downtown or in the heart of the city, with all the diverse entertainment, dining and culture may be an interest to some but not others. There will always be trade-offs. Priorities and realities change.
CENTURY 21 Miller Real Estate Ltd.
Brokerage Independently Owned and Operated
#4 Office in Canada
By Production CENTURY 21 Canada 2013
467 Speers Road,
Oakville, ON L6K 3S4