Everyone has heard of 'location, location, location' as the main driver of real estate prices. But there are attributes that can affect the price of real estate within any ‘location, location, location,’ and if you're a parent you've heard of this one: school catchment areas.
If you’re not a parent, what is a catchment? Institutions, like schools, serve specific geographic areas. All schools have a specific area from which students are eligible to attend. This is called a school catchment area, or map.
Where they are important for both parents and non parents alike, is in property value. All available data points to a direct correlation between property prices and school catchment areas. There are loads of readily available studies and if you’re really into math and graphs; check out this extensive study from UBC HERE, but let us simplify.
Ask yourself this: Would you spend more for a property within the school catchment of a top local school? Parents with kids looking for a new family home would answer a resounding yes. Great school catchments increase desirability and desirability increases value. As parents are a large buyer pool, catchments shouldn’t be ignored by any home buyer.
The library at the new Irene Kelleher Elementary on Eagle Mountain, East Abbostford
Let’s look at Abbotsford, a popular city in the Fraser Valley due to a good safety profile and a wealth of single family homes. There are plenty of hiking and biking trails, quick access to the US border, Abbotsford Airport and all the natural beauty of the Fraser Valley make it an idyllic place to live and raise a family. The district has seen an increase of over 600 new students this year alone, showing its popularity with families is growing, keeping home prices robust.
(East Abbotsford alone boasts a wealth of top schools for all age levels; from full french immersion elementary's to waitlisted high schools for those outside the catchment areas. ELEMENTARY: McMillan, Sandy Hill, Mountain, Margaret Stenersen, Thomas Swift, Prince Charles, Auguston Traditional, A.S.I.A. MIDDLE: W.A. Fraser, Clayburn HIGH: Yale, Robert Bateman)
Making an investment in real estate is a big deal, and knowing all the factors that go into determining a good investment makes a wise investor. If you are looking for homes for sale with your family in mind, reach out and say hello, we’d love to help.
Selena & Steve
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