I discussed in an earlier blog post why buying near a Starbucks is a good idea. Today I’ll give your five reasons to buy a home near a shopping mall.
Large retailers and commercial ventures don’t just pop up in the middle of nowhere or in declining neighbourhoods. Companies make careful, long-range and well planned-out decisions in coordination with municipalities and developers, based on hard data, research and demographic information.
Major retail expansion is good news. It is an indicator of continuing economic strength, and for those looking to buy a home, it’s a sign to look out for new, expanding or improving neighbourhoods and solid buying opportunities.
It has been a couple of years now, but since I have lived in Waterloo Region, all three of our biggest shopping malls have gone through some sorts of expansion and/or improvement. I’m talking of course about the Conestoga Mall, the Fairview Park Mall and the Cambridge Centre. These malls are good neighbourhoods to buy a home in.
There is a correlation between retail sales growth and residential real estate. It essentially comes down to solid population and wage growth and to consumer confidence. If the malls are doing well, the housing market is doing well too. There are lots of good reasons to buy a home near a shopping mall. Here are some:
Five reasons to buy a home near a shopping mall
1. As mentioned above, you will not be in a declining neighbourhood. The planners will see to that.
2. You will also be near public transportation. In Waterloo Region the LRT will stop eventually at all three major shopping malls. If you think about Toronto, both Yorkdale and Square One are excellent public transportation hubs.
3. Shopping. Malls of course have the latest fashion. There are food courts and groceries
4. Entertainment. Malls have movie theatres, ice rinks. The Conestoga Mall has a museum.
5. Exercise. When it is snowing in April and you are sick of winter, why not go and walk around the mall.