Recently, Re/Max put together a livability report which summarized which factors are most important to Canadian home buyers when choosing a home. ‘Livability’ refers to the characteristics about a street, neighbourhood, or city that resonate emotionally with its current and prospective residents. These are features and characteristics that tend to make people ‘love’ where they live. We believe the results of this report apply specifically to Vancouver to we wanted to report on it.
1. Eat & Shop
62% of respondents felt that proximity to restaurants and shopping were most important to them. ‘Proximity’ is a word that is closely tied to ‘location’ and we all know the saying in real estate: ‘location, location, location’. So, this answer should come as no surprise. People want things to do that are within walking distance, or at least close by.
2, Public Transit
36% noted public transit as being key. Location again being important here. Accessibility to public transit is becoming particularly important to the millennial and Gen Z groups. As cities become increasingly populated, getting around in an efficient manner is critical to quality of life.
3. Green Space
40% noted accessibility to parks as being important to them. Many people have pets to walk, children who want to play, and as real estate gets more and more expensive, more people cannot afford houses on large lots with big backyards. Plus, proximity to green space impacts a neighbourhood or area’s beauty to a huge extent.
18% noted distance to schools, and the quality of the surrounding schools, as being a priority. In an increasingly advanced and competitive world, quality of education is something that many parents value very much. Quality of schools can also attract families who participate in, and are devoted to, their children’s school activities and events – which can make for a more positive and productive culture within that school.
Affordability is a challenge for many people in many cities across Canada. So, home prices are certainly important to almost anyone. Rather than ‘prices’, ‘value’ might actually be a more accurate way of describing what people are looking for. While they want to be able to comfortably afford their home, they also want to ensure that they have a pleasant and enjoyable lifestyle for both themselves and their children.