While location, layout, size, and proximity to amenities are obvious factors at play during the home buying process, local school districts also have a significant influence over whether your home lands in a hot Toronto real estate pocket.
Paying Premium For Top School Districts
It makes sense that school ratings would be a major deciding factor in home shoppers with kids, but what’s most surprising is that even buyers without children consider school districts when purchasing a home. In fact, according to the 2014 National Association of REALTORS Profile of Home Buyers and Sellers, 29 percent of homebuyers listed school quality and 22 percent listed proximity to schools as deciding factors in their home purchase.
Great Schools Equal Great Neighbourhoods
School districts and rankings matter to buyers because there is a strong correlation between the money spent on schools and the value of homes (a report by the National Bureau of Economic Research found that for every dollar spent on public schools in a community, home values increase $20.) Good schools also tend to drive up real estate prices (Data from a Zoocasa shows that the real estate premium for a top school district in the GTA can be as high as $800,000) because homes in top-rated schools districts are often more desirable because they are safer and have greater access to amenities such as shopping and parks.
A+ Resale Value
It’s no secret that great schools make for an easier and more profitable sell, but how much more is surprising. According to Leslieville-area realtor Ara Mamourian, the difference between test scores in neighbouring schools can materialize as a six-digit difference in comparable homes if they fall on opposite sides of a district boundary. As the next buyer will likely consider the school ratings, purchasing a home in a top-rated school district often increases your chance of getting a great deal on your home when it comes time to sell.
If your back to school shopping list includes a home having an experienced realtor at your side to provide insight into the schools and surrounding neighbourhoods can make a world of difference in your home search. My job as a realtor is to help you find the best community and school for your budget and lifestyle. Contact me today at 416 903 7653 or email firstname.lastname@example.org. I would be happy to help you with your real estate needs!