Downtown living, seen as driving force in 2015 real estate
Homeowners who choose the convenience of city life over the more generous living space in suburbia are driving Canada’s real estate market, according to a new report.
Emerging real estate trends say the move downtown, which has started to emerge within the last few years, will continue as more Canadians decide to stay downtown rather than move back to the urban core.
Changing demographics are fueling this change, as young families and millennials prefer to take advantage of downtown living and willing to forgo the large home in the suburbs. Properties may be smaller downtown, but they offer more conveniences.
One concern that is being talked about is what will happen to these urban properties once the younger generations grows out of them? Will Ottawa go the way of New York, where families are willing to sacrifice space to live in the city, or the way of London, where families are used to living outside the city and commuting downtown for work?