A significant shift is occurring in Toronto’s real estate market as long-term urban homeowners increasingly opt for suburban properties, driven by changing lifestyle needs and financial considerations, according to veteran real estate professional Paul Indrigo of Century 21.
“Every property sort of has its life cycle with people,” Indrigo says. “For certain people, depending on lifestyle, if they’ve been there, they bought in their 30s, and they’re sort of getting into their 50s and 60s, they’re deciding whether it’s the city life that they want or whether it’s something a little quieter.”
This migration isn’t just about seeking quieter surroundings. Indrigo points to a recent client case that exemplifies the trend: “One particular case: a client of mine with grown up kids, and the house itself was just at this point now a little bit too small, and it would not have been wise or financially feasible for them to add space to the property.”
The solution? “They ended up looking outside of Toronto, just a little bit outside of Toronto, and found a place that had a rental unit, an in-law suite, so they could actually have space for their grown up kids, and also… give them some sort of secure income potential for the future.”
The financial aspects of these moves often extend beyond simple square footage calculations. “They kind of want to be in a position by 2030 for them to be able to rent out the bottom or the top of the property, live in the other section, and have that rental income,”Indrigo explains. “That’s a big deal for people, many of us that do not have the gold watch or the pension or any of that kind of stuff.”
While some professionals can work from anywhere, Indrigo notes this isn’t universal. “Some of my programmer clients, computers and tech people, are very happy working 6, 7, 8 hours away,” he says. “But for a lot of people getting started, for example, can’t do that.”
This suburban shift appears to be more than a temporary trend, according to Indrigo. With growing interest in multi-generational living spaces and rental income potential, suburban properties are increasingly attractive to urban homeowners looking to maximize both their living space and financial security.
Explore similar articles from Our Team of Experts.
New York State leads the nation in historic tax credit utilization, processing more projects in the last decade than another other state. At the center of this activity is Preservation Stud...
Panama’s luxury real estate market is entering its strongest phase in nearly 20 years, fueled by a new wave of international buyers seeking second residences and portfolio diversification....
