Study Shows The Influence Of Subway Stations In Toronto Prices

By Solange Murielle December 24, 2017 Real Estate News No Comments

A report recently released by brokerage firm TheRedPin shows there is a correlation between property prices and proximity to the busiest stations of the Toronto subway system.

The study covered three maps outlining average property prices near TTC subway stations in the city.

The $1.5 to $2 million asking price in uptown Toronto is the characteristic of the red-hot market, with properties near the York Mills ($2451612) and Lawrence ($2709023) stations on the Yonge-University line being particularly extreme examples of the trend.

Among the most significant properties found by the city are homes near the Ellesmere and Scarborough Center stations, which are the most affordable (between $587431 and $575581, respectively). These areas are the only ones in Toronto with an average price below $700000.

Fortress Real Developments SVP of market research and analytics Ben Myers, earlier this year, argued that the most effective maneuver that the city and provincial governments can take to improve affordability in the Greater Toronto Area would be to spend more on the region’s transit options.

According to Myers, the cheaper transport costs arising from an improved transit network will make lower-priced homes in the GTA’s out-of-the-way locales more reasonable choices for prospective buyers, thus reducing 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”.