There appears to be a correlation between property prices and proximity to the busiest stations of the Toronto subway system, according to the brokerage firm TheRedPin’s recently released report.
This study results were provided in three maps which outlined average property prices near TTC subway stations throughout the city.
The $1.5 to $2 million asking price in uptown Toronto is a characteristic of the overheated market. Extreme examples of the trend include properties near the York Mills ($2,451,612) and Lawrence ($2,709,023) stations on the Yonge-University line.
Bargain hunters, however, should be assured, since the study’s most significant findings shows that properties along the eastern end of the Scarborough line, as well as homes near the Ellesmere and Scarborough Center stations are most affordable (averaging at $587,431 and $575,581, respectively). These areas happen to be the only ones in Toronto that offer homes averaging below $700,000.
Ben Myers, Fortress Real Developments SVP of market research and analytics argued earlier this year, that spending more on the region’s transit options would be the most effective step that the city and provincial governments can take to improve affordability in the Greater Toronto Area.
Myers explained that the cheaper transport costs resulting from an improved transit network will make lower-priced homes in the GTA’s out-of-the-way locales more viable choices for would-be buyers—thus easing overcrowding pressures in the inner city.
“I’ve always pointed to additional transit spending,” Myers stated. “There’s a lot of areas now that wouldn’t be viewed as the neighborhood that people want to live in and part of that is…[these areas] just can’t get access to good jobs.”
“If we could add additional subway lines, if we could add more transit, if we could do more service on the GO lines and quicker access to move people throughout the Greater Toronto Area — I think that’s one of the key things, to allow people from different markets to move around and access those jobs,” Myers added. “People want access to good jobs. So the easiest way to do that is just to move people quickly.”