There’s an episode of Will and Grace from 2005 where Jack and Will buy a house in upstate New York. When the townspeople find out that a gay couple has moved in, they’re overjoyed because it means the property values in town will go up! Not unlike the Starbucks Effect, there’s something to be said for the Gay Effect when it comes to real estate values.
With Toronto’s Pride Month coming to an end, we thought it would be fitting to touch on this topic.
Neighbourhoods with a high concentration of same sex couples are generally perceived to be more safe. It’s not uncommon for female buyers moving to downtown Toronto to want to buy in and around the Gay Village for this reason. With a higher concentration of same sex couples, the neighbourhood itself has a reputation of being open-minded. Generally, those that live there feel a sense of community which makes living there or walking late at night that much safer.
2. MORE DISPOSABLE INCOME
While a large portion of same sex couples don’t have children to spend their money on they, in return, have more disposable income being spent at local businesses. Neighbourhoods where the LGBTQ community is prevalent are often filled with great shops and restaurants, adding value to the area. In a similar light, the gay community will often spend some of their extra income on home decor and furnishings, allowing them to invest their money into improving their homes.
3. METICULOUS ABOUT THEIR HOMES
It’s no secret that the gay community likes to take pride in the finer things in life. In an article called The Gay Real Estate Effect, they say “Gay residents tend to have a higher appreciation of aesthetics and authenticity, which may tie to the concentration of gay men in neighborhoods with historic housing stock.”
In Toronto, we’ve seen more gay couples moving to the east end to neighbourhoods like Leslieville or Riverside. Recognizing that you can get more within your budget in the semi and detached markets on the east end, they’re seeing the potential in homes that may need a bit of sprucing up. They’re conscious of their property’s resale value and it shows when they go to sell their home down the road. They’re meticulous with their homes and invest time and money into making them beautiful.
4. THE COMMUNITY GROWS
With more same sex couples moving into particular neighbourhoods, their friends will follow. As more couples buy real estate, renovate and rejuvenate homes, and elevating curb appeal, the property values are destined to rise. Beyond the financial gains, the community as a whole grows together as an open-minded and accepting neighbourhood. And who doesn’t want that?
Ultimately, the best thing to know is that Toronto is so incredibly diverse and welcomes the LGBTQ community with open arms in all neighbourhoods! If you’re looking for the best gay-friendly neighbourhoods to buy real estate within your budget, call Pierre, your gay-friendly Toronto Realtor.