5 Neighbourhood Amenities That Increase Your Home’s Value in Canada
Ask anyone the first rule of real estate and they’ll likely respond, “location, location, location.” Why is that? Location is critically important because it influences almost every aspect of your property, and it’s the one feature that you truly can’t change.
Whether you’re buying or selling, the first thing you should consider is what the property’s neighbourhood has to offer. Buying? The neighbourhood’s amenities are the features you’re going to be able to enjoy while you’re living in the area—and they’re also going to help increase or decrease your property’s value over time. Selling? You can use the neighbourhood’s offerings to price your home appropriately and highlight them in your listing to attract more buyers.
Which neighbourhood amenities add the most value to your home? Check out these five.
#1: Mature trees
Mature trees are beautiful, beneficial, and highly valuable. It takes decades to grow them, and the advantages they provide extend far beyond aesthetics. Areas with mature trees enjoy more shade, cleaner air (U.S. National Library of Medicine), and lower energy bills (treecanada.ca)—as well as providing locals with improved mental and physical health.
It’s no wonder that mature trees improve property values so much. Whether your home has its own trees or the surrounding neighbourhood is filled with them, mature trees can increase property value by up to 15%. Keep this in mind when selecting your next home—and if the property you’re selling has mature trees, don’t forget to feature them in your listing details and photos.
In a fast-paced world where we increasingly try to balance convenience and health, the ability to access amenities without a car or other means of transportation has become more desirable. A “walkable” neighbourhood is one with safe sidewalks and nearby amenities like grocery stores, banks, post offices, restaurants, parks, and schools. Being able to run errands on foot allows you to introduce more physical activity into your life while reducing your carbon footprint and getting you some sunshine and fresh air. The idea of “high walkability” implies that many people could walk in that neighbourhood comfortably and safely—but it’s also a good metric for those using scooters, wheelchairs, and other assistive devices to determine the closeness of amenities and the quality of sidewalks and paths.
How much does walkability increase property value? According to Joe Cortright, the senior policy advisor for CEOs for Cities, “Each point of Walk Score is worth up to $3,000 in a typical metro area.”
#3: Dog parks
Dog parks might feel like an oddly specific amenity that would increase home value, but the truth is that dog ownership is increasing in Canada, and this makes a significant impact. The latest numbers from the Canadian Animal Health Institute show that the number of dogs as pets in Canada increased from 7.7 million to 7.9 million from 2020 to 2022.
Additionally, people are trying to spend more time outside. One survey showed that 82% of Canadians spend time in nature, while 37% say that amount of time has increased since 2020. This increase bolsters the demand for safe outside space—especially in cities. As a result, houses located conveniently to dog parks become more valuable, and home prices in those areas rise.
As real estate tech company Trulia recently reported, dog parks also raise neighbourhood home values by improving an area’s sense of community. Neighbours enjoying clean and well-kept dog parks “make a neighbourhood look and feel friendlier.” That’s a big plus for buyers looking for their next home—whether they have dogs of their own or not. Another plus—even if you don’t have a dog? Former chief economist with Trulia Ralph McLaughlin noted that due to the rise in their desirability, “Dog parks may also play a role in helping sustain relative value in neighborhoods with them compared to those without.”
#4: Nearby essentials
The essential services like healthcare, education, and shopping within a neighbourhood play a significant role in its desirability and the value of its homes. This factor is similar to walkability—but it has more to do with the quality of amenities than it does with how you get there. Homes in well-rated school districts, close to quality healthcare centers, and near well-stocked grocery stores tend to be more attractive to potential buyers. These nearby essentials not only make daily life more convenient but also add to the long-term appeal and value of your property.
#5: Future amenities
While the existing neighbourhood amenities greatly influence property values, don't underestimate the potential impact of future development. A well-planned and growing community is more likely to see increased property values over time, with community improvements like parks and trails, new shopping centers, and the addition of recreational facilities bringing and sustaining higher values. Savvy homebuyers and investors keep an eye on neighbourhood development plans and the potential for future amenities, as they can be a strong indicator of the area's long-term growth and value appreciation.
The perfect location
Whether you’re looking to buy a home in your ideal location or you want to sell a property in a desirable area, get in touch. Our team of experts is standing by to help you achieve your goals in this market.