“What we do find is that in cities where there are tightly regulated school catchment areas the impact of a good-reputation school — and conversely a poor-reputation school — does impact not only demand, but also values,” says Don Campbell, senior analyst with the Real Estate Investment Network. 

“In cities where the enforcement of catchment areas is not enforced, the impact is minimal. In ‘good’ catchment areas not only is ownership and rental demand higher -— in properties that are family friendly, such as two- and three-bedroom apartments and houses — we also witness lower turnover of tenants and ownership. This means in addition to stronger-than-average demand, we also see a more stabilized market as parents wish to keep their children in a good-reputation school for as long as they can. This is true during both hot markets and slower markets.”

Dianne Himbeault, a specialist in knowledge mobilization at Canada Mortgage and Housing Corporation, says schools are an important consideration for potential homebuyers.

“A home is a long-term purchase. You’re going to be there for a long time and you want to really assess what it’s going to be like to live there,” she says. “Certainly one of the things that’s fairly important is the sustainability aspect of the neighbourhood. Is it close to amenities? What is your life going to be like there?

“Choosing a school is one thing. And access to a school is an important factor. But also you’re going to be working probably longer than your child is going to be in school, so what is access like to where you’re going to be working? The access to active transportation? Perhaps you can cycle or walk to work. Or your child could cycle or walk to school. Or you have access to public transportation and now you only need one car, which can be a good factor in making a quality-of-life decision. Maybe that money can go somewhere else as opposed to maintaining a second car.”

She says the neighbourhood feel and the sense of community also become important factors in the homebuying decision-making process.

“Some realtors are using Walk Score ( a private company that provides walkability services and apartment search tools through a website and mobile applications) to see proximity to amenities,” adds Himbeault.

“The physical aspects of the neighbourhood are probably something to look at because they also have an impact on how well a neighbourhood can regenerate itself and recreate itself and change. If it’s a neighbourhood that’s designed with a single purpose in mind and it’s for young families, how is that neighbourhood going to regenerate itself when those young families demographically change?”