When moving and buying a home, most parents want to know what the best school options are for their children. According to a recent RE/MAX survey carried out by Leger, 84% of Canadian parents consider the quality of schools when looking for a new house.
Do school ratings impact property value?
The presence of a school itself generally increases the value of properties in the immediate neighborhood. This is partially based on the demand for homes in highly-rated school districts. Recent research by the New York Times revealed that a 5% improvement in school test scores could increase property prices by up to 2.5%.
How to research schools
Since schools are essential for the long-term value of your home, how do you go about finding the best school systems?
Check the district or school website for the curriculum offered, statistics on test scores, and the rate of attending higher education. You should also do a Google search to find out what others are saying about the quality of the school.
Visit the school in person and talk to the head of education and other departmental leaders.
Talk to parents that have children in the school system already. A parent will have a good idea of the quality of education.
Speak to your real estate agent. A good agent should have a general understanding of what educational institutions are considered top-notch.
Look at statistics like the student to teacher ratio, budget per pupil, teacher educational standards, and class size for students
Check the Fraser Institute school rankings for Ontario. This ranking makes it easy to track historical results to see how institutions are performing over time. However, the Fraser Institute does not rank elementary schools that don't have pupils in grade 6
When considering school ratings when making buying or selling decisions, remember that ratings can rise or fall. A school rated well this year might not have a good rating next year. Therefore, don't make a decision solely based on school ratings.
For parents with young children of those planning to have them, choosing between a home that meets their needs and a quality school system for their kids is often a struggle. If you are in this situation, be sure to give it a lot of thought before making your final decision. If you need expert advice, get in touch with Regalway Homes.