RESIDENTIAL INVESTMENT – From 1992 up until 2006, Vaughan’s population rate grew at over 80% (according to Statistics Canada) with its population now nearly doubled. This directly conveys growth in residential which dominos into commercial/retail which alludes to the birth of a new city in the making. What makes Vaughan so attractive to end users is its lack of full maturity which comes with great benefits to new-comers and first-time home buyers and those looking to relocate due to affordability.
Attractive financial packages for pre-constructed condos have been at the forefront of real estate developers looking to build the residential portion alongside the government’s efforts to revitalize the services of a once industrial community, to a redefined cosmopolitan city.
Many wishing to purchase a home (anywhere) are weary of making a decision based on the new real estate laws in place as well as peoples’ fear of a market crash due to:
- the ongoing increase in development and sales
- new government regulations.
The resale market has witnessed a slight drop since its implementation however, many fail to realize that these statistics allude to those weary decision-makers and not necessarily encompass all factors that influence growth.
- Government Intervention for Services (VMC Station)
- Commercial Expansion
- Real Estate Developmental Growth (Pre-Construction Increase)
- Financial Incentives
**Census shows the ongoing growth of ethnic expansion similar to Toronto’s cultural variety**
When the market shows moments of mild decrease, most purchasers take this as a threat rather than an opportune moment to make a conscious investment. Whether choosing to move forward or not, most purchasers make their decision solely on present sales as opposed to future projections. Vaughan, Ontario is a prime example of this. As evident in the news, you can see sales decreasing month-month, reflective of the legislative changes, however, this is completely contrary to actuality as it pertains to the resale market rather than pre-construction as these properties are currently non-existent. The city has been at the forefront of innovative change with little restrictions. One obvious fact alluding to ROI (return on investment) for buyers in the City of Vaughan is the first ever TTC extension crossing municipal boarders (WITH UNDERGROUND WIFI ACCESS.)! In a case study done by Ada Wolny stated that the decision to purchase real estate most often than not depends on transportation accessibility and zoning regulations. For years now, our city has been observing the urban congestion worsen in Toronto with sales increasing parallel to prices- mainly due to the abundance of goods and services available. To rectify urban sprawl, all three levels of government, developers and service providers have initialized the new wave of growth. Changes around the GTA will reflect the services that make Toronto successful while addressing the problem areas that we’ve witnessed throughout the years- congested roads, lack of green-space, bike lanes etc.
Upgrades in goods and services evident in Vaughan hold great value to millennials struggling to survive in a high volume, urban city like Toronto. Young entrepreneurs, students and new-comers must take the time to understand how and why such changes occur and what those changes can do for them. For example: purchase significantly less in Vaughan yet still work/study in downtown Toronto and simply take advantage of the new Vaughan Metropolitan Centre Station that rides you to Union Station in forty minutes! Now you are able to attain a sustainable lifestyle, live within your means and still live an urban lifestyle while saving money every month… who knows, maybe you’ll save enough to buy another home in Vaughan or anywhere else you’d like! This will also aid in Canada’s overall economic contribution on a global scale which will then cycle back into greater immigration, development and GROWTH!