Alba condo . Does it save money to live in the suburbs? It’s probably more expensive than Toronto. Experts warn that if you live in the suburbs and continue to work in Toronto, the cost of driving to and from the city center will be greatly increased.Please Visit: Alba condo to Get Your VVIP Registration Today!
Property prices in the Greater Toronto area have skyrocketed in recent years, and many home buyers have chosen to buy properties in the suburbs with lower house prices. Some real estate agents agree that housing prices in the suburbs may be more affordable, but at the same time remind families that the daily expenses of living in the suburbs are much higher than those in the city. Moving to the suburbs may not really save money in the long run.
(Toronto Real Estate Board), the Toronto real estate association, announced that the average home price in the greater Toronto area rose to 916567 yuan last month, up 33.2% from a year ago, causing more and more buyers to move their homes to remote suburbs.
Smith (Erica Smith), co-founder of real estate agent Stomp Realty, says that three to four years ago, only about 10 per cent of home buyers bought houses in the suburbs. Today, about half of them plan to buy homes in the suburbs, some of whom have even moved to Bari (Barrie), Kizhenna (Kitchener) or Waterloo (Waterloo), more than 100km from Toronto, who do not hesitate to trek back and forth to work every day. Margarans (Lorena Magallanes), another founder of Stomp Realty, pointed out that property prices far away from the Greater Toronto area must be lower, and buyers can choose larger accommodation.
However, settling in remote suburbs may have to face additional daily expenses that the city will not encounter, such as higher transportation and childcare costs. Experts warn that moving to the suburbs may not save a lot of money in the long run.
Morgan (Jess Morgan), who is planning to buy a home, and her husband have worked hard to save over the past six years, hoping to have enough money to pay the down payment and get a first taste of the owners. They work in Toronto but plan to buy property in the more remote Oakville (Oakville) over the next two years in response to their affordability. Their home purchase budget is only $90 to $950000 at most, and they hope to be able to buy a larger area of accommodation with a lower mortgage so that they can prepare for the birth of children in the future.
Experts warn that people like the Morgan couple who intend to buy homes in remote areas must first consider a big increase in transportation costs. if the couple continue to work in multi-city centers, they may need to own two cars, which means they need to increase their car insurance, gasoline and parking expenses. In addition, it takes more time to commute to and from the workplace, thus increasing child care expenses in disguise.
Apart from the higher daily living expenses in the remote rural areas, the services and facilities provided in the urban areas are slightly better, such as education, medical care, types of cultural and recreational activities and places of play, and so on. Therefore, home buyers should think carefully before moving to the suburbs so as not to regret their decision in the future.
