You often hear about “move-over” homebuyers flocking to the suburbs in search of a place to call “home.” But with Millennials making up the largest segment of homebuyers today, and Generation Z expected to outnumber them within a year, there’s renewed interest in being in the centre of it all. In the heart of the action. Downtown. Here are 7 benefits that make a great case for downtown living.
Is downtown living your scene?
You’ve got action!
A big draw to downtown living is having urban conveniences at your fingertips. Your office is within walking distance. Your favourite restaurant and the hottest club are a short stroll away. For trips further afield, public transit is often just outside your front door, ready to do the driving for you.
Downtown neighbourhoods are by nature older than their suburban counterparts, and thus are often steeped in culture and history, and flaunt a character all their own. Whether it’s Vancouver’s historic Yaletown neighbourhood, Toronto’s off-beat Kensington Market or Montreal’s vibrant Le Plateau-Mont-Royal, no two neighbourhoods in a city are alike.
Many older downtown neighbourhoods experience a revival, prompted by younger residents moving into the area to take advantage of fixer-uppers at lower prices, supporting new businesses or opening their own, and over time, transforming a down-and-out neighbourhood into the next big thing.
While suburban homes are typically brand new and beautiful, they’ve also come to be classified as “cookie cutter” designs. If you appreciate a home with history – and often some unusual quirks – downtown living could be right for you. As they say, they sure don’t make ‘em like they used to! Think vintage stained-glass window panels, antique door hardware, laundry shoots, etc.
Higher property values
The suburbs give you more home for your money, downtown dwellers often enjoy a greater return on their long-term investment. And depending on which city you live in (or aspire to!) you can still find “affordable” homes in up-and-coming communities – if you can get in before the boom!
Hello, party central!
By virtue of being at the heart of the action, your home will naturally become the meeting place for friends before going out to dinner at the trendiest restos, or out for a night on the town at the hottest club. (BONUS: You can just walk home after you’ve had a few bevvies!)
For downtown dwellers who call a condo suite “home,” you won’t see views like this in the suburbs, with local landmarks and the buzzing streets at your feet. And if your unit is high up enough, you might even be able to see the ‘burbs from your balcony!