One reason to LOVE new home development
by Wayne Karl
Sure, everyone understands the need for new home development – homes, condos, infrastructure and other neighbourhood amenities.
They just don’t want it too close to them – the so-called “not in my backyard” (NIMBY) syndrome.
The latest indication comes from a joint poll from The Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB). Last week, the bodies issued the results of a poll – as the Oct. 22 municipal election nears – to shed some light on voters’ priorities.
“(The) poll data clearly showed that housing affordability and supply are key issues for GTA residents,” says Garry Bhaura, TREB president. “Residents expect municipal politicians to tackle these issues in the upcoming election.”
Poll results show that building more new homes is seen, overwhelmingly, as a critical part of the solution to housing affordability in the GTA. However, overcoming resistance to change and “not in my backyard” sentiment in existing neighbourhoods is a huge barrier that municipal leaders can help overcome by taking a leadership role.
KEY POLL RESULTS:
- 87 per cent of respondents indicated that it is important to build new homes in the GTA as a means toward addressing the issue of housing affordability
- GTA residents across all areas expressed this importance, including those living in York Region (87 per cent), Toronto (88 per cent), Peel Region (87 per cent), Durham Region (88 per cent) and Halton Region (81 per cent)
- Those living in the 416 (88 per cent) feel slightly more strongly about the importance of new builds versus those in the 905 (86 per cent)
Opposition to new home construction is show to increase with proximity and density.
- 30 per cent say they oppose the building of a new single family detached home within a half kilometre of their home
- 37 per cent say they oppose the building of a new townhouse development within a half kilometre of their home
- 44 per cent say they oppose the building of a stacked townhouse development (defined as middle-density housing) within a half kilometre of their home
- 49 per cent say they oppose the building of a small condo apartment building (defined as middle-density housing) within a half kilometre of their home
- 52 per cent say they oppose the building of a mid-rise condo apartment building (defined as middle-density housing) within a half kilometre of their home
- 59 per cent say they oppose the building of a highrise condo apartment within a half kilometre of their home
POTENTIAL POSITIVE IMPACT
One factor homeowners might overlook, however, is the potential positive impact such developments can have, particularly on the value of their homes.
“The construction of new homes can have several impacts on the average home price,” says Ben Myers, president of Bullpen Research & Consulting Inc., Toronto. “It often replaces older retail, commercial space or single-family residential units, which can improve the quality and perception of a neighbourhood, driving up values.”
Studies also show that development of new transit and highway infrastructure – often accomplished in concert with new home development – can also boost property values.
The more attractive an area becomes in terms of location, the higher the value of nearby homes. As the demand for homes in that area expands, value appreciation is often a natural result.
Research shows that properties located within 500 to 800 metres of stations of new transportation lines can experience a 10- to 20-per-cent enhancement of real estate values.
Wayne Karl is Senior Digital Editor at Homes Publishing Group. email@example.com