When we read a new listing for a home in Toronto, how often do we see “Steps from TTC” or “Just minutes away from the subway?” We know that easy access to public transit is a selling feature–especially with the traffic gridlock we often experience as drivers in Toronto. But how much of an impact do subway stations have on the cost of housing?
As an investor, if you are interested in houses for sale near TTC, you can expect to pay more.
The average price of a condominium apartment that sits within a 10-minute walk from the subway is $460,213 – close to 14 per cent higher than the overall city average of $405,639, for the same time-frame
By far, condominiums along the Yonge line were the most expensive, boasting an average sold price of $532,451
For freehold homes – which encompass detached, towns and semis – prices hovered around $1,017,212. That’s a full 15 per cent more than the Toronto average.
Budget conscious condo hunters will be glad to hear that they don’t always have to pay a premium for easy access to the subway. A handful of TTC stations are home to condominiums with prices that are very affordable and fall below average.
Finch – $382,196
Don Mills – $320,110
Downsview – $357,896
Eglinton West – $303,450
Kipling – $339,162
Kennedy – $200,111
McCowan – $277,036
When it comes to freehold properties, buyers have a smaller pool of stations (reserved to the Bloor-Danforth line) that come in under $884,374, which is what the average Torontonian needs to pay to own a highly coveted single-family home within the bounds of the 416. Find them below:
Pape – $675,096
McCowan – $596,905
In recent years, one of the most heated topics that come up during city council meetings is Toronto’s Transit Infrastructure. With Union Station’s recent facelift, direct routes from Downtown Toronto to Pearson International Airport, and the new addition of Smart Track, the TTC relief line, the Yonge and Eglinton LRT and the Vaughan Metropolitan Centre extension over the next 15 years, the city hopes to take congestion away from the core. With Public Transit extending toward the suburbs, we can expect a healthy appreciation in value with the surrounding real estate.
Highlights From February’s Toronto Real Estate Board Market Watch: