When School is a Top Consideration
Summer just started, but the reality is that fall – and back to school season – is just around the corner. September will soon enough usher out summer’s slow rhythm for crisper weather and a refreshed focus – and the real estate market is no exception.
When a school is a top consideration a few things are important to note. Searching for the right school could be hard, especially if you don’t know about the tools available to you.
Look to the school board boundary map to see if the home you desire is within the school boundary you want, or vise versa, search the school you want and look at the catchment area for potential homes.
Below are websites for the York District School Board and the Toronto School Board:
o http://www.yrdsb.ca/schools/pages/school-locator.aspx
o https://www.tdsb.on.ca/Find-your/School
If a school’s academics are important to you, you can look up a specific school on the Fraser institute website for their score. Don’t forget that this score is based on standardized testing and may not reflect the school spirit, culture and other aspects that can make a school great.
o https://www.fraserinstitute.org/school-performance
Another great option is to visit the school; you can even schedule an on-site visit to meet with teachers and faculty to learn about areas that may be of interest to you. Speak with parents who have children in the school system. They can give you the inside scoop and discuss their experiences.
How is it Reflected on Real Estate
Keep in mind you will most likely pay a premium. In some cases, you may pay hundreds of thousands of dollars more to live in a neighbourhood with highly-ranked schools. However, this premium can greatly differ depending on neighbourhood. It’s for this reason that even buyers without kids often clamour to live in great school districts, as it can help ensure a home’s resale value and insulate it from market price shocks.
It’s important to be flexible. If you’re looking for a specific area you might consider different housing options to stay within budget. Also it’s important to research your area as school boundaries could change with growth or decline in population.
Is the school you want at capacity? Just because you own a home in a school district doesn’t guarantee your child’s attendance. In many urban markets, and especially in neighbourhoods with growing popularity, school capacity is limited. If you’re local school is unable to take on new students that could mean your child is bussed out to other areas. To avoid any unpleasant surprises, it’s important to confirm with your local school board.
Following the hectic spring market peaks, back-to-school season is one of the most popular times to buy or sell a home. Those who had put their real estate ambitions on hold for summer vacation emerge from the woodwork; buyers may discover less competition and better choice, while sellers will find shoppers are more serious about closing the deal.
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