When it comes to making that all important decision of buying a home, what matters most to you? A detached home on a nice lot with the proverbial white picket fence? Condo in a central location close to desired amenities? Proximity to transit, work and schools? Yes, those items still dot the wish lists of many prospective buyers, but a new report from ReMax Canada (see page 10) underlines just how shoppers’ desires are changing.

Improved neighbourhood quality

ReMax’s Next Neighbourhoods Report explores how high population growth and significant infrastructure investments, especially in transportation, are leading to improved neighbourhood quality across traditionally undervalued urban and suburban areas.

Focusing on the GTA and Vancouver, an Angus Reid survey commissioned by ReMax Canada found that 37 per cent of Canadians have made compromises to live closer to urban centres, including accepting a higher cost of housing. Almost half (41 per cent) of GTA residents compromised on price to land a location closer to an urban centre.

“New transportation links, often developed alongside housing, are transforming once overlooked and undervalued neighbourhoods into magnets for buyers seeking shorter commute times while achieving better affordability,” says Don Kottick, president of ReMax Canada.

“Livability is important to Canadians, and many buyers know what they’re willing to compromise on, in order to get more on their must-have list,” he adds. “Every market has something for everyone, but not all things. Compromise has always been part of the buying process, which includes managing expectations and setting realistic goals.”

Based on the criteria of affordability, quality of life and return on investment, two types of emerging neighbourhoods are highlighted in the report: Up-and-coming communities seeing advanced development, and regions that have traditionally been undervalued due to a lack of transportation access.

For the GTA, the report identifies the following hidden gem neighbourhoods: Aldershot South (Burlington), Clairlea-Birchmount (Toronto), Crown Point (Hamilton), Don Mills – Victoria Village (Toronto), Downtown Markham (Markham), Seaton (Pickering) and Wexford-Maryvale (Toronto).

New home options

Not all these areas have new home options, but what’s most important is what makes them appealing: Affordability, proximity to amenities such as restaurants and shopping, and public transit. In short, livability.

Indeed, developers and new-home builders are fully aware of changing homebuyer demands, and are doing their part to cater to them as best they can.

As you research your new home destination, keep such criteria top of mind. Know what you want, what’s important to you, and what will make your new neighbourhood your own hidden gem.