The basic theory in real estate is that the more attractive the location, the higher the value of the home.
What is Walk Score®? It is an organization that measures the walkability of any address, based on walking distances to amenities, including grocery stores, supermarkets, coffee shops, movie theaters, parks, pharmacies, restaurants, schools, libraries, gyms, etc.
A rating between 0 and 100 is assigned to every address. The closer a property is to these amenities, the higher number of points it receives (e.i. the less dependent residents are on their car). No points are awarded when the destination is more than a 30-minute walk (around 2.5 km). And here is how the company describes the different ratings:
Walkability research of The Real Estate Investment Network (REIN) resulted in many reports where some key findings are very interesting – distance is no longer measured in kilometers, but in minutes; and proximity to amenities has become one of the key determinants of a property’s value.
Here are pictures of the most walkable areas in K-W and Cambridge: downtown Kitchener, uptown Waterloo, downtown Cambridge and K-W midtown (pictures posted in the same order):
Does it make any difference for us to live in the neighbourhood with high or low Walk Score? Sure, it does! Researches made during last decade show growing interest to live in walkable neighbourhoods (i.e., neighborhoods with shorter, more connected streets and with greater access to a variety of shops and other amenities within walking distance).
Living in a walkable neighborhood can save us a lot of money, particularly in savings on car costs (gas, insurance, parking, repairing). It saves us time. It means we have higher chances to spend more quality time with our families and friends. Canada’s Canadian Community Health recent survey found some interesting facts. Expanding interest to walkable neighbourhoods is associated with increased walking and decreased obesity, and cardiovascular risk factors.
Can we talk that high or low Walk Score affect real estate prices in neighbourhood? Sure, we can! And, we will talk about it, but in a different post.
If you are interested to work with an agent who understands what factors affect property values, please contact us. We’d be glad to be part of your real estate journey.