I predict that the price of houses in towns and cities that are within one to two hours of Toronto will skyrocket in value over the next two years, outpacing the average price appreciation for all residential real estate in Ontario. There are three reasons I make this prediction.
First, with the onset of COVID, a lot of employers have been forced to permit their employees to work from home. This is a trend that is here to stay. Even bankers and lawyers are working from home. That flexibility and the concept that you may only need to attend the office in person two to three days a week removes the need for people to live in or near the big city. Commuting a few days a week is not as onerous as commuting every single weekday. This provides flexibility and opens up a much larger radius around the city for purchasing a home. The smaller towns are far more affordable than Toronto. A colleague of mine recently bought a brand new home in Bracebridge for less than $500,000. That is an attractive metric for many people who currently live in the city.
Second, there are so many condominium dwellers and apartment dwellers who are sick of waiting 45 minutes or more for the elevator due to social distancing. They are also tired of heading up and down the emergency exit stairs trying to keep their distance. They are desperate to breathe the fresh air and spend some time outdoors given the state of emergency orders that have been in place. Many condominiums and apartments have no outdoor space. Those feelings of having been cooped up in a box will drive many of those condominium owners to sell their condominiums and purchase houses that they can afford…and those affordable communities are typically at least an hour outside of Toronto and often as far away as two hours away.
Finally, the price of houses in the city of Toronto remains incredibly high. The prices are completely unaffordable for most families. Anyone coming into the city from elsewhere in Canada cannot afford to buy in Toronto. That lack of access to affordable houses in the city will drive people who want a backyard and their own house further and further outside of the city limits.
Those three trends support my prediction that homes in the surrounding communities within one to two hours of Toronto will skyrocket over the next two years. We’ll see if the prediction comes to fruition.
I like entrepreneurs and always want to hear the stories of how they started their businesses.
Live-work space often ideally suits an individual who has a dream to start their own business and starts to move towards that dream. Live-work space balances keeping expenses low while having workshop space to create your product and grow your business. I have seen yoga studios, painting galleries and esthetician services all thrive in live-work space in Toronto.
In our Muskoka building we have a talented woodworking entrepreneur who creates these beautiful carved custom wooden signs. He has this somewhat messy studio with a huge laser machine running constantly where he both lives and works and the space is perfect for him.
If you are thinking of starting up your own business, it is important to keep expenses low. A live-work studio is often a good choice at the time of your launch to permit you to afford your living expenses while investing time in growing your business.
Entrepreneur and mom to four amazing kids
Q: Why did the can crusher quit his job?
A: Because it was soda pressing.