According to a report released by the Royal Bank of Canada and the Pembina Institute, the majority of home buyers in the GTA want a home that’s within walking distance to all of the amenities, including transit.
“Homebuyers across the Greater Toronto Area, including families, clearly want to live in neighbourhoods that are more walkable and transit-friendly,” said the Ontario director at the Pembina Institute, “As a region, we need to ensure that the neighbourhoods we build are meeting those needs.”
Proximity to shops, restaurants and transit, without having to own a vehicle or a second vehicle, is important to the largest number of buyers over the age of 60 as well as between the ages of 18 and 34.
According to the vice-president of Home Equity Financing for RBC, Erica Nielsen, “Buying a home is much more than the purchase price. It’s important to look beyond your mortgage payments and consider all of your household costs and your lifestyle. Ask yourself if there are any trade-offs that will save you money and create cash flow in your budget. Homebuyers should crunch the numbers with a mortgage specialist to understand all of their options.”