The City Above Toronto Sees A Boost To Real Estate Values
Unlike many regions looking at a decline in residential sales due to a lack of consumer confidence, hotspots such as Vaughan, Ontario, the “City above Toronto” are actually recording a ’seller’s market’ due to rapid expansion. Over the last 20 years, the region has risen from a primarily rural township to a busy hub of communities that are all seen as piece of the city of Vaughan. The population of Vaughan exploded 276 percent in the ten year timeframe from 1986 to 2006, and by 2031 there could be well in excess of 1.5 million residents in the region.
The census figures from 2006 show] that Vaughan is attracting a lot of young home owners, with 81 percent of the city below 55 years old with a median age of 35.9 years, that is significantly smaller than the 39 year-old average for Ontario. The appetite for single-family dwellings has swelled as a result, and although 65% of the homes still consist of detached dwellings, studies by the York Region Planning Department show there is a steady shift in condo apartments and multiple-row home construction in the past few years. Statistics also show that the average median income of Vaughan residents is 31 percent more than the Canadian average, and as a result the housing prices are generally a bit more than in neighboring Toronto.
The closeness to Toronto services is one rational Vaughan real estate has become so popular, chiefly because the way of life offers such a contrast to the dense urban occupancy of the metropolitan area. The region has strived to maintain a small town local feel by focusing on lots of green spaces inside well designed neighborhoods naturally sectioned into communities which have modern schools and civic hubs. As opposed to many ‘bedroom communities,’ Vaughan has plenty daycare and health care providers — including a new regional hospital — and upscale shopping centers, restaurants and well-maintained public recreational facilities.
As the population in Vaughan has climbed, the infrastructure has kept pace with the demand for access to Toronto for the daily traveler, and there is an impressive grid of four lane roads that connect the interstates and toll roads to city streets and main roads. The Greater Toronto Transit Authority, referred to as GOT, provides inter-regional commuter trains and buses for rush hour, and the Viva Bus line has streamlined Van Hool blue buses that service the York Region Transit service. The Greater Toronto Transit Authority, known as as GOT, provides rush hour passenger trains for stations in Vaughan and the Toronto Transit Commission (TTC) has passenger routes that link to subways and RT stations in Toronto.
Another reason for the Vaughan real estate rise is the size of land still procurable for building. This is particularly alluring to those looking to build a custom house or who want to plan an estate from scratch. The wide open areas also mean there is potential to build new entertainment places like the Canada’s Wonderland theme park located in Maple, one of Vaughan’s districts, that pulls in a wide range of visitors to inject money into the local economy.Farmland makes up a significant portion of open land and there is a move afoot to try and protect it.Together with Maple, various other small regions encompass the city of Vaughan. They consist of Woodbridge, Markham, Concord, Kleinburg and parts of Thornhill. The distinct flavor of each community is a result of the blending of older family homes, high-end master-planned areas and multi-family homes that are combined with industrial sections and retail complexes.
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