Collateral Damage

September 1, 2013 3:52 am Published by

IMAGE CREDIT: MOVE SMARTLY, REALOSOPHY, TORONT

A good friend of mine is in the process of overseeing the sale of his parents’ home in an area of Toronto known as Hogs Hollow.

 

 I’ve never been there, though they tell me it’s nice. In his words, it’s a ‘tear down,’ in an area sought after for its location and the prevailing size of lots in the neighbourhood. The list price? $2.2 million.

 

 Scarcely 60 miles west of there, it is difficult to imagine a home in Guelph selling for $2.2 million, let alone a building lot. Though our scale may be slightly smaller, we too are beginning to see a similar trend to that which has been common practice in the GTA for years. Folks with the means to do so, are willing to pay a premium to live in an established area, on a larger lot than today’s city planners are willing to approve in new subdivisions. The result?

 

 The tree-lined streets with building lot frontages of 60″, 70″ and more, will be priced beyond the capabilities of middle class Guelphites. They will become the unintended collateral damage of civic planning polices designed to protect our greenfields.

 

 Whether this is a good trend or a bad one, is a little like discussing politics or religion. Each of us, seem to have our minds made up so there is little point in bringing it up at a dinner party. That it is a trend however, is indisputable, and we who are on the front lines of real estate transactions would be well advised to keep our clients on the crest of the wave. They are far less likely to drown there.

 

Thanks for reading. Please share your thoughts below.

 

Jeff Neumann

 


 

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