Mulling a Move to the Suburbs or Exurbs? [Poll]
Is the pandemic making you think seriously about getting away from the city? We’d like to know if you have any true stories or anecdotes happening
There has been a lot of talk and speculation lately in the mainstream media, particularly in the US, about what peoples’ response is and would be in the future if this pandemic continues much longer than we anticipated. In the US, based on their statistics from online real estate platforms such as Redfin, they are seeing a sizable move for would-be homebuyers to smaller cities and towns with under 50,000 people based on this recent interview with Redfin CEO.
Here in Toronto as we all know, has been a city that really has the best of ALL worlds and so it would not make a huge dent in terms of a mass exodus to the suburbs because of the virus because in reality, there are other bigger factors more in play such as employment and where you can work, proximity to friends and family, income and cost of housing.
Toronto has always been a city where you have every option imaginable to you depending your price point and affordability. You can choose to live in the city and downtown core where condos or townhouses are really your only options unless you’re sitting on millions or looking to get a sizable inheritance from family. Or you could move either direction east or west of the city to get better value and a little more space for your family to grow into or similarly to midtown.
But if you really want expansive space, newer properties and of course really great schools for your young ones, then you’d likely be thinking uptown (North York) or even further into the suburbs like Richmond Hill, Markham, Vaughan or Oakville/Burlington to the west and the more affordable spots like Pickering/Ajax/Whitby to the east.
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Of course we don’t have that type of early data or knowledge available currently as many of our clients are already families who have moved or are moving to the suburbs already. As noted from well known professor of urban studies Richard Florida of the University of Toronto states, “families or individuals who were already moving to the suburbs for reasons such as schools, safety, peace and quiet and of course more space are already doing so and maybe the pandemic is serving as a further catalyst for this category already.” But for the many young professionals who value being close to the office for commuting efficiency, better networking and a more active social life will probably continue to stay in the city and in the core because as data based on historical viruses and pandemics, cities have always thrived and grown for years or even decades later after the viruses have passed.
That’s a very optimistic outlook and I would totally agree with Mr Florida. But at the same time, our lives have also been vastly improved with greater technology and workplace productivity with greater and cheaper technology which in some ways, has made the office and working in close proximity almost virtually unnecessary.
So as you can see, there is an argument for both sides but what the CEO of Redfin in the US is saying is that at least in cities like New York and at least in the short term, they are seeing people leaving the city and into the suburbs of New York such as Connecticut and of course it might have something to do with the fact that NYC was the epicenter of outbreak in the first 2-3 months which gives people shock value decision making (in my own opinion). Maybe they are just fleeing in the short term to get some air and reprieve from the city for now, or maybe they are seeking more affordable housing and accommodations in places where pandemics are not prone to explode.
You could probably argue that those who are interested in moving to smaller towns and cities are not the wealthy finance folks who have homes in both Manhattan and the Hamptons but rather regular folks with regular jobs who no longer have the necessity of living in one of the most expensive cities in the world. And that those wealthy Manhattanites who have multiple homes and can afford to come and go in and out of the city as they please are those will return when things get back to normal.
Of course back home here in Toronto, home prices are not cheap anywhere really except for less desirable neighbourhoods
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