Over the past 10 days, I had a couple of opportunities to discuss with media friends about the newly released Fraser Institute (F.I.) 's report card on Ontario elementary schools; and how it might affect the home pricing in the neighbourhood.
As I was preparing for the meeting with Jacqueline So (senior writer at Ming Pao Weekly, who just released an in-depth story on the topic on April 2), came across some fascinating data.
* Out of 2,733 Ontario schools included in the study, 22 (less than 1 %) schools receive the rating of 10/10.
* 15 are GTA based schools with 5 of them are within the proximity of about 5 km, around 404, between Steeles and Finch. (click for the interactive Google maps)
* 5 out of these 15 schools locate in neighbourhoods with more than 1/3 of their population having Chinese ethnic background (based on 2006 Census data).
Jacqueline 's article, which is informative and interesting, went in depth with David Lewis Public School. We did look into the trend of home price in this Steeles area. It has, in fact, grown more than the average market.
There could be additional contributing factors. From our experiences, most clients and friends with children do check out the performance benchmark of home schools prior to their buying decision. As such, home listings include good local schools as their features. The higher the demand for homes with reputable schools nearby, the more robust the home price is. The price potential is there, if not completely recognized. I am in line with Jacqueline 's premise
Yesterday, I went on WOWtv 's Life@5 and explored the topic with Ruby Lau. This round, I took more of a mother perspective.
Congrats to the 10/10 F.I. schools for the exceptional academic achievement of principals, teachers, students and parents. Excellence at work.
As a parent, academic result is only part of the education I intended for my young one. We, along with many, consider 7.5/10 is a fairly respectable rating. (after all, it is the average of students participating.)
As a realtor or investor, local school standing is within my radar but not the most crucial factor.
Will talk some more about schools from a realtor perspective. It is a topic that bridges both my professional and family lives.