Location, Location, Location: Will the Saying Ever Die?

So far this month, we’ve focused on what homebuyers look for when they’re on the hunt for a new condo, we’ve talked about how the Internet of Things will soon change the way you think about which features are the most important in your home, and we’ve even taken an in depth look at the future of sustainable construction. The new home industry is in for a major transformation over the next few years, but one thing that will probably never change is the importance of location. Let’s be honest, you don’t need a blog post about why location is important to a homebuyer, but it wouldn’t seem right to not write about it during What Homebuyers Want Month.

The saying has always gone: “Location, location, location,” and we don’t think people are going to stop saying it any time soon. Even if proposals like SURE Architecture’s design for a high-rise, mixed-use tower in London, England get approved, the surrounding amenities will always be important.

Via SURE Architecture

We examined SURE’s design last October and discussed whether it was the future of mixed-use design, and we really think it might be. The proposal gives “organic” design a whole new meaning. Typically, when people comment on an architectural design and call it organic, they mean it has curved lines, has a green facade, or resembles something in nature like ocean waves. SURE’s organic design actually refers to how the city streets would rise and twirl together, forming a tower, and the interior of the building would feature retail, office, and residential space lining the two lanes. So, it’s like the city is actually just growing vertically, as opposed to the way towers are currently built, where there are podiums with retail and restaurants, then a bunch of residential and office space on top. We’re not saying that there is anything wrong with that, but as cities continue to develop, mixed-use buildings will take on new forms to better accommodate residents.

Getting back to the idea of location being king - even if developers start building condos with absolutely every amenity you could ever need, like schools, grocery stores, office space, and shopping options, people will always want to leave their building and try something new. Picture yourself living in a building in the middle of nowhere, all the food, resources, and services are only an elevator ride away, but when you step outside, there’s nothing. No one wants that. People are active, they want to explore.

Yorkville neighbourhood in Toronto

When we conducted our condo buyers survey earlier this year, we discovered that many people actually aren’t interested in a few amenities that have become staples in new downtown condos. Out of everyone that was surveyed, only 7.4% cared if there was a sauna in the condo building,  and only 3.7% thought it would be nice to have a library. Even the idea of having a games room only appealed to 7%. What condo buyers cared about the most was having a personal balcony, a shared lounge area, a rooftop terrace, and a fitness facility. Over 20% would prefer if the building had a car share program, because many people are starting to consider getting rid of the car in exchange for living in a walkable location.

Another thing we learned from our survey is that living near a park is more important than we thought. 44% said they would prefer to live near a park, and another 30% felt it was absolutely necessary to live near one! Even the largest, landscaped, rooftop terraces in condos can’t substitute for a nearby park. Evidence of this lies in the east end of Toronto in the Canary District by Dundee Kilmer. The second phase, Canary Park, is selling now, and one of the primary selling features is that it is located right on the edge of the new Corktown Common, an 18-acre park with walking paths, marshes, a pavillion, toboggan hill, and playground.

The view of Corktown Common from Canary Park

We think it’s pretty safe to say that one of the main reasons Toronto’s condo market continues to boom is because of all the distinct neighbourhoods in the downtown core. We have explored a handful of different districts for our Walkability series, and each one has a unique atmosphere and amenities to offer. The amazing thing about Toronto’s neighbourhoods is that they are small and blend into one another, so when you purchase a new condo unit in the Entertainment District, you have access to theatres and restaurants, but you’re also within walking distance of the Financial District and the shops of the Fashion District. In Toronto, you’re not buying in one neighbourhood, you’re buying into a whole spectrum of environments.