Almost 20 years ago, world-renowned economist Harry S. Dent wrote a book that would prove to predict much of the world’s economies in the following years. From the economic boom in 1994 to the start of the world collapse in 1997, The Great Boom Ahead proved to be a true economists’ guide to navigating your own personal wealth.Subsequent Dent books have proved to share the same validities with us, and as a great fan of his, I’ve always found myself eagerly anticipating his next publications.
One line of thought that’s been strung from book-to-book since the ‘90s is the idea of the “exurban” community. In 1999’s The Roaring 2000s, Dent defines these communities as the ones that are within about an hour’s drive from major urban centres. In The Next Great Bubble Boom (2006), Dent goes on to state that the best real estate purchases over the next 20 years will be located within these “exurban” communities.
His examples include American locations such as Orange County, which is an hour’s drive from downtown Los Angeles, but says that you can predict where these areas will develop by mapping a radius around popular urban centres.
Toronto is an obvious choice and one that proves his point exactly. With the popularity of York Region at large, we see nothing but higher home values year-after-year in areas such as Newmarket, Aurora, King City and more.
As new urban centres develop, we’re also seeing new “exurban” communities develop, including those within the one hour radius of the cities such as Markham and Mississauga.
It’s an interesting theory that I believe makes perfect sense. People want to live close to where they work, but not everyone wants to live right in the city, which is where many of the jobs are. They buy homes in surrounding areas and as other jobs are created and more people move to the areas, the home prices increase.
With the development of areas such as Barrie, we’re seeing those “exurban” communities sprawl into lakefront and farm opportunities that are appealing to those who want a retreat lifestyle, and I believe that my clients can’t make a better investment these days. To find out more about my thoughts on “exurban” communities and how you can make the most of them, I encourage you to book an appointment with me by calling my office at 416-925-9191.
