Neighbourhood liveability is arguably the most alluring thing about a home, and as the old adage says, it’s all about “location, location, location.” Specific neighbourhood features and characteristics can be a huge selling feature for buyers, and a boon to sellers who were wise enough to purchase there.
So, what makes for a “liveable neighbourhood”? The answer is almost always subjective, based on a variety of factors like a person’s lifestyle, age, household composition, hobbies, career, even their favourite foods. But there are definitely some common threads. A recent Leger survey on behalf of RE/MAX Canada asked Canadians what features they look for in their version of the most-liveable neighbourhood.
What Homebuyers Really Want
According to the 2024 Liveability Report, the top-ranked liveability factors that are most-important to Canadians include affordability (44 per cent), neighbourhood safety (10 per cent), walkability and age of home (each six per cent).
The findings were also compared to the previously published 2020 Liveability Report, and RE/MAX found that significant social, political and cultural changes have influenced and altered Canadians’ criteria for liveability since the onset of the COVID-19 pandemic.
Among Canadians, important liveability factors include neighbourhood safety (34 per cent), a new addition to the 2024 list, which took the second spot from easily walkable, which was a high-priority before the pandemic (37 per cent, 2020 survey). Similarly, age of home, another new criterion added to the 2024 survey (23 per cent, 2024 survey), overtook fourth place from low-density neighbourhoods (30 per cent, 2020 survey). Affordability continues to be a major consideration for Canadians when choosing a neighbourhood to live in, but major changes in 2024 liveability include the decline in the importance of proximity to work (25 per cent in 2024, down from 34 per cent in 2020) and walkability (20 per cent in 2024, down from 37 per cent in 2020).
“When searching for a home, homebuyers may need to make certain concessions to their personal liveability criteria to get the most of what they deem important in a neighbourhood, in addition to what they can purchase within their means,” says Christopher Alexander, President of RE/MAX Canada. “This is true, not just for first-time homebuyers, but for all buyers, especially as affordability continues to be top-of-mind for many Canadians. That’s why working with a professional realtor who can help navigate the market for what’s realistic and advise on what neighbourhoods best suit the needs of the buyer is key. They also act as a local guide, shedding light on the ins-and-outs of different neighbourhoods and how they fit within one’s goals.”
Selling Considerations
Neighbourhood liveability should also be top-of-mind when selling a home. Certain community characteristics are desired by buyers, which can increase property value, such as an area with a low crime rate, good access to schools, and affordability of housing and overall cost-of-living. These are great selling features to tout when listing a home for sale. On the flip side, higher crime rates, neglected neighbourhoods and proximity to busy streets and nearby highway noise can contribute to lower property value.
Here are some liveability factors to keep in mind:
- Availability of work/access to employment opportunities
- Easy access to bike lanes and/or walking paths
- Economic development
- Population growth
- Housing supply
- Housing affordability
- Access to healthcare facilities
Ready to explore a new neighbourhood? A RE/MAX agent can help you find a great place to call “home.”
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