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House Hunting: Choosing A Neighbourhood

Posted by Leo Bruneau on Tuesday, February 23rd, 2016 at 1:05pm.

Narrow your house hunting by identifying neighbourhoods that are right for you. This helps keep your search focused and efficient. Your local REALTOR ® can offer neighbourhood information to guide you in your search. Local conditions are key to evaluating a neighbourhood. Depending on your own particular needs, some factors may be more important than others:
  • quality of schools
  • property values
  • traffic
  • crime rate
  • future construction
  • proximity to schools, employment, hospitals, shops, public transportation, prisons, freeways, airports, beaches, parks, stadiums and cultural centres such as museums and theatres
Neighbourhood Search Strategies for Limited Budgets First time on the house hunt? Limited financial resources? You can maximize your home purchase location by incorporating some of the following strategies into your neighbourhood search:
  • Upcoming neighbourhoods: Look for communities that are likely to become “hot neighbourhoods” in the coming years. They can often be discovered on the periphery of the most continuously desirable areas. Check for planned future developments:
    • Planned transit additions
    • New community services such as pools and theatres
    • Chain stores planning to move in
  • Neighbourhood demand: Look at the neighbourhood demand by asking your real estate agent whether multiple offers are being made, whether the gap between the list price and sale price is decreasing and whether there is active community involvement. You can also drive around neighbourhoods and see how many “sale pending” and “sold” signs there are in a particular area.
  • Co-ownership: Look into purchasing a condominium or co-op, rather than a house, in a desirable neighbourhood. This way you still may be able to purchase in a prime area that you otherwise could not afford.
  • Look for a home in a good neighbourhood that is a bit farther out of the city. If commuting is a concern, purchase a home that is close to public transportation.
Click for additional videos on the Team Léo buying process. Contact us at team@teamleo.com or 604 936 1111 - we want to help you with the house hunting!

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