How do I figure out if an area is right for me?
Real estate (as you’ve probably heard) is all about location, location, location. But what makes a location great totally depends on what you're looking for.
If you've got a young family or are thinking about starting one, being close to parks and good schools is pretty key. If you're all about that urban lifestyle, great downtown digs close to restaurants and transit are probably more your speed. And if you're an investor, you want a property that will appeal to renters.
So how can you get that kind of information without doing hours of digging? With the demographic data on condos.ca, property.ca and mrloft.ca. It's where you’ll find a ton of helpful information to get a sense of what a specific area is really like.
To access the demographics feature, go to any listing page, and scroll down to see:
An interactive map with local transit, schools, restaurants and bars, groceries, services, and health/wellness options.
Neighbourhood composition by age: is it all young families? More retirees?
Household composition: are there mostly single-family homes in the area? How about one-person households?
Number of children per household: 0, 1, 2 or 3+?
Tenancy and property type: are the people living there mostly owners or renters? Are there a lot of detached homes? What about low-rise rentals? High-rise condos?
Commute: how do most people get around? Transit? Car? Bike?
Languages spoken: what languages will you hear in and around the neighbourhood?
Education: How much schooling do local residents have?
Average income: how much do the people who live here make?
You can also access neighbourhood data on any building page: either scroll down or click on “Area Demographics.”
So how does all this data help you buy?
Since it tells you pretty much all the things you need to know about living in a certain building or neighbourhood, demographic data is a vital tool for informed decision-making. It gives you a sense of who your neighbours could be, whether there will be friends for your kids to play with, and how easy (or challenging) it will be to get around, buy groceries, or enjoy a local night out.
If you're an investor, the data gives you all of that PLUS a clear view into the percentage of homes that are rented, and how that neighbourhood might appeal to tenants. Of course, if you're a buyer who would rather not live in a building that’s mostly renters, you'll know that upfront, too.
Ready to go deep into some demographic data? Open up condos.ca and dive in!
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