In many Canadian cities, it can be the hipsters’ versus the older yuppies’ pattern of growth, as the area begins to reflect the group’s tastes and preferences.
Some areas are experiencing a not so subtle backlash against very modernist new builds set in very traditional neighbourhoods. Meanwhile, the classic “monster homes dwarfing the tiny homes they are built next to” scenario still plays out in newly gentrifying areas. Here are a few things to consider when buying in a trendy neighbourhood.
5 Things You’ll Love
You get to ride the wave of price escalation and benefit from the ride up.
You may really fit in to the new community and develop long lasting bonds with the neighbours and area.
You get to have a hand in shaping the community – it’s a fresh start.
The area may benefit in an upgrade in municipal services.
There can be a definite cool factor to living in a popular area.
5 Things You’ll Hate
The price escalation can stall at some point and you may not benefit as much as you thought.
Social flux – the community and area may change.
Architectural look and feel of the area may change.
Taxes may escalate.
The street may resonate with the sounds of new construction and renos for a very long time.