Are higher property values good or bad for an area?

ASHBURN, VA

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JOSIE STERN

Buzzer

Are higher property values good or bad for an area?

I wrote this article about "Driving Forces of Growth in Hillcrest Village" http://bit.ly/KJoI3l and I received an email from someone who commented "You have driven up the prices in Hillcrest so much that many families that would love to live there simply cannot afford to even with both parents making a decent income." That's an interesting perspective but I see it differently. Higher property values means higher tax revenues which contribute to 1) better public recreation centres like Wychwood Barns 2) higher quality of education 3) higher economic prosperity provides more jobs 4) higher property values allows older residents to retire comfortably. What are your thoughts? Are higher property values good or bad for a neighbourhood?

Canada / General Chit-Chat

MATTHEW SLUTSKY

BuzzStaff

1969

It is a simple function of supply and demand:
1. The size of the area is pretty small;
2. It is a close walk to the subway line;
3. It is right on the St. Clair Streetcar line;
4. There are amazing parks in the vicinity;
5. There is the Wychwood Barns in the 'hood; and,
6. You are pretty much downtown.
Due to the above, and many more factors, of course the prices are going up, up, up! The area is in heavy demand. I see nothing wrong with this.
Couple this with the fact that higher land values equates to more property tax, and you've got a great thing.

MARK MCLEAN

Buzzer

I guess my only comment would be....where aren't property values going up? True nuff, some areas are increasing faster than others but the reality is that our city is growing. People want to live downtown and as Matthew said, it is truely a function of supply and demand.