Toronto Homes Near Subway Worth 14% More Than City Average
Thursday Mar 10th, 2016
TORONTO HOMES NEAR THE SUBWAY ARE WORTH 14% MORE THAN THE CITY AVERAGE
Location. Location. Location.
"Steps to the subway" is a phrase so commonly uttered by Toronto home hunters and branded on real estate ads that it begs the question - what really warrants the term walking distance?
Anything 5 minutes or less is a no brainer, but after posing the question to a handful of condo seekers, some doubts arose about anything over the 10-minute mark. "When it feels like -20 degrees outside, 15-minutes isn't walking distance. Trust me," said Mona, a buyer eyeing condominium apartments around both the Museum and Yonge/Bloor subway stations.
With that feedback in mind, we stuck with a distance that covers 10-minutes on foot in our analysis of how much it costs to own a home next to the subway in Toronto.
The easiest way to get around the city and circumvent gridlock traffic in the core, lengthy commutes along Highway 400 and forgo car ownership all together, pricey monthly passes and often spotty service aren't enough to stop buyers from seeking convenient subway access.
After delving deep in housing stats for the 2015 calendar year and selectively pin-pointing the TTC's busiest subway stops (and terminal stations) across the four major subway lines, we found the following figures.
The average price of a condominium apartment that sits within a 10-minute walk of the subway is $460,213 - close to 14% 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% 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 an easy connection to the subway. A handful of TTC stations are home to condominiums with prices that hover below the city 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 in order to own a coveted single-family home within the bounds of the 416. Find them below:
Pape - $675,096
Woodbine - $676,891
Kennedy - $571,956
McCowan - $596,905
Among the most heated topics in the city, Toronto's transit infrastructure is set to transform in the next 15 years with the addition of Smart Track, The TTC relief line, the Yonge & Eglinton LRT, and the Vaughan Metropolitan Centre extension.
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