April 22, 2013
Walk this way: Inner-city real estate prices increasing because of walkability
Walking the walk is something that inner-city dwellers really value and is a huge selling point in determining where one decides to live in the city. A neighbourhood’s proximity to amenities or walkability has risen as an important factor in determining a residential property value according to the Real Estate Investment Network. In essence, the more walkable the neighbourhood, the more desirable this is to potential homebuyers and this is reflected in residential property prices.
As neighbourhoods evolve, so the the residents in them. REIN analyst Allyssa Epp mention that suburban homes that were only accessible by car was a sign of social status until the mid 1990s. Now younger generations are or can be increasingly disinterested in automobiles as a form of transportation. In regards to Canadian cities, Toronto and Vancouver top the walkability list while Calgary is at the bottom, but even this is changing.
Walk Score definition
An American company called Walk Score determines how walkable the surroundings of a particular address and gives it a score between 0-100. To give an idea of the measure of the scale, a Walk Score of 0-24 means that the address is Car Dependent and almost all errands require a car while a Walk Score of 90-100 means that the adress is a Walker’s Paradise and daily errands do not require a car.
Always a step ahead
Zoocasa is always one step ahead in regards to listing quality. Checking out any of our listings will not only provide you with the essentials but will also feature the Walk Score of the surrounding neighbourhood. For many homebuyers, the walkability and proximity to daily living essentials, whether that be grocery stores, banks or schools can be the deal breaker in deciding where to purchase a home.
Check out an example of this in action for the King-Spadina neighbourhood below: