What makes a neighbourhood valuable?
Parks, urban gardens, and tree lined streets will always increase the value of a residential area. Parks attract families, women and children, making the neighbourhood feel safe and community centred. They also offer a great recreational option for summer days.
2. Access to Public Transportation
We always recommend that our buyers look for properties with garages- it makes it easier to rent out or resell the unit when that day comes. But convenient access to public transportation is also a big plus in a residential area. Is there a metro nearby? Do the buses offer direct lines to the city center? Do the buses pass by at regular, short intervals at the nearest bus-stop?
If your property or investment unit is a single family home, proximity to a reputable school is of the utmost importance in determining value. Many families will pick their homes solely based on school-districts, and 1 in 3 consumers would downsize their home or pay 6-10% over their budget for a home near a good school. If the size/layout of your unit caters well to a family demographic, local schools are definitely a factor to research thoroughly and keep in consideration.
4. Walk Score
A property’s walk score is a measure of how accessible local amenities such as supermarkets, pharmacies and corner stores are from a given address. Though it is usually used to determine property value only, the same principle is sometimes applied to neighbourhood value. If the neighbourhood offers many amenities that can be accessed by foot by its residents, the rent and resale value will automatically increase. Walk scores of 90-100 indicate a “Walker’s Paradise,” meaning that daily errands do not require a car. On the other end of the scale, a walk-score of 0-24 indicates a highly car-dependent neighbourhood.
5. Proximity to the City Center
Perhaps the most important factor in determining neighborhoods value is how long it’ll take to get to work. The further away from the business center your condo is, the more its value will have to be compensated by other factors such as size, layout and greenery. Keep in mind that though Montreal’s business district is centred in the Ville Marie borough, there are plenty of other boroughs with thriving industries where homes will be in demand by local employees. For example, lower NDG has recently become a residential hot-spot for the 20,000 employees of the new MUHC hospital, subsequently driving up local home values.