With a slowing economy and a tanking stock market, everyone’s looking for a little security — in real estate.
Toronto Life magazine has identified some of the city’s most crash-resistant neighbourhoods. The most important consideration in buying crash-proof real estate, they say, is the overall vitality of a neighbourhood. Look for areas with thriving local businesses and well-maintained homes that are accessible by TTC. Districts with a diverse mix (detached, semis, towns, apartments and condos) at a variety of price points means you won’t run the risk of living in a bust area if, say, townhouses go out of fashion (ultra-high-end condos, which tend to attract foreign investment, are the exception).
Flexibility is another key they identified; properties that are easily converted between single-family and rental units will ensure against a property value-lowering fire sale if your neighbour is desperate to sell and can’t hold out for a decent price. Regions populated by those who work in IT, advertising, design and media will fare better through a downturn than nabes with high-flying financiers or auto workers.
Areas with artsy professionals often have a high proportion of cafés, galleries, boutiques and other value-maintaining amenities. Having a permanent attraction such as a museum, park or waterfront, and residents with fixed incomes (such as students and seniors) provides a steady support system for local businesses. Emerging areas with undervalued properties are money-makers when gentrification hits.
Here is the list of crash-resistant neighbourhoods
Ebrahim Suliman
Sales Representative with Signature Service/GMAC Real Estate
www.yourcondospecialist.com
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