How a house or condo’s neighbourhood evolves over time has a major impact on quality of life and resale potential. It’s an important factor to bear in mind when looking for a property to buy!
A residential area can change rapidly due to the arrival of a new road, park, factory, property development, museum, café, grocery store, fire station, daycare centre, community garden, bridge, railway station, or ski centre. And the list of possibilities goes on.
These projects can make a neighbourhood more attractive… or not!
Potential “Red Flag” Projects
Certain projects can deeply alter a residential neighbourhood and upset its peace and quiet. Here are a few things to look out for:
- New high-rises can lead to greater densification, block light to nearby properties and reduce residents’ privacy, increase car traffic, and decrease the number of available parking spaces.
- The construction of new roads or major thoroughfares may result in higher levels of noise, pollution, and congestion on a day-to-day basis.
- The arrival of shops or businesses can be beneficial, but depending on their nature and location, some activities can generate noise, odours, or heavier traffic.
- The loss of green spaces to make way for new property developments can limit the number of places where residents can cool off and relax.
These types of development projects don’t automatically mean that you should rule out a property. Rather, they should prompt you to assess the potential impact of the proposed changes on your daily life and on the home’s long-term appeal.
Potential “Green Flag” Projects
Urban development can offer attractive opportunities for buyers. These include:
- The arrival of a local service such as a grocery store, a café, or a school can make everyday life easier and cut down on the need to drive everywhere.
- Improvements to public transit are also a major plus.
- The addition of bike lanes can also enhance accessibility in the area.
- New housing developments, meanwhile, can help revitalize the neighbourhood by attracting more residents and businesses.
For a buyer, the main selling point is finding a property in a neighbourhood with growth potential, without having to pay today for the added value of any future benefits.
But…
Yes, there’s always a “but”!
Firstly, no guarantee exists that the “green flag” projects announced will go ahead as planned, nor that they will lead to an increase in property values (in terms of price or otherwise).
Secondly, these projects can cause months, or even years, of disruption before they’re completed. Building sites can generate noise, dust, detours, and traffic problems, for instance.
Before You Buy
In summary, before going to the notary’s office, you should carefully consider certain points:
- Traffic and parking: Are new buildings likely to increase street traffic or make parking more difficult?
- The immediate environment: Could a vacant plot, wooded area, or open space be earmarked for property development?
- Potential nuisances: Could a nearby road, business, or construction site detract from the peace and quiet you’re seeking?
- The service capacity: Do the existing schools, parks, shops, and infrastructure meet the needs of current and future residents?
- Densification: Is it likely to alter the landscape and character of the neighbourhood you love?
Where Can You Find Out About Development Plans?
Quickly walking around the neighbourhood during a property viewing isn’t always enough.
To better understand how the area might evolve in the coming years, you should consult the information that the municipality has made available.
The Urban Plan, zoning bylaws, and documents relating to property development projects can offer insight into permitted uses and proposed changes. Public notices, municipal consultations, and city council meetings may also provide details about projects that are still at the planning phase.
Your real estate broker can help you with this!