Getting squeezed by high house prices? Head for the suburbs
Given the steep run-up in downtown house prices, particularly in Toronto, Vancouver and Calgary, many Canadians are looking to the suburbs – and increasingly the outer suburbs – in their search for affordable housing.
Living in the suburbs often means owning two cars and commuting farther to work, which can eat into the savings afforded by the smaller mortgage. Though, more realtors are now saying that people are considering leaving the city for suburbia. The decision boils down to the amount of space people want, the size of the mortgage and the lifestyle which is very different in the suburbs compared to downtown.
People looking for affordable homes should be open-minded. Home buyers should at least take a look at housing they might not have necessarily considered, both in terms of location and size. People should be careful not to saddle themselves with cumbersome mortgage payments.
Home buyers who are young, single and career-oriented might want to live in a small downtown condo if it means they can walk to work and socialize in the evenings. Once people marry and start to think about having children, they tend to want bigger homes near good schools, parks and other family-oriented infrastructure.