Home price survey reveals that a home for under $700,000 is still possible in select areas in Toronto
.jpg)
Property prices and proximity to the busiest stations of the Toronto subway system appear to be correlated, according to a just-released report by brokerage firm TheRedPin.
The study results were provided in three maps outlining average property prices near TTC subway stations across the city.
Among the most significant findings for bargain hunters are properties along the eastern end of the Scarborough line, with homes near the Ellesmere and Scarborough Centre stations being the most affordable (averaging at $587,431 and $575,581, respectively).
These areas are the only ones in Toronto that offer homes for below $700,000, however. More characteristic of the overheated market is the $1.5 to $2 million asking price in uptown Toronto, with properties near the York Mills ($2,451,612) and Lawrence ($2,709,023) stations on the Yonge-University line being particularly extreme examples of the trend.
Earlier this year, Fortress Real Developments SVP of market research and analytics Ben Myers argued that the most effective step 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.
Myers explained that the cheaper transport costs stemming 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 alleviating 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 neighbourhood 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.”
TheRedPin’s full report (with infographics) can be viewed here.
The study results were provided in three maps outlining average property prices near TTC subway stations across the city.
Among the most significant findings for bargain hunters are properties along the eastern end of the Scarborough line, with homes near the Ellesmere and Scarborough Centre stations being the most affordable (averaging at $587,431 and $575,581, respectively).
These areas are the only ones in Toronto that offer homes for below $700,000, however. More characteristic of the overheated market is the $1.5 to $2 million asking price in uptown Toronto, with properties near the York Mills ($2,451,612) and Lawrence ($2,709,023) stations on the Yonge-University line being particularly extreme examples of the trend.
Earlier this year, Fortress Real Developments SVP of market research and analytics Ben Myers argued that the most effective step 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.
Myers explained that the cheaper transport costs stemming 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 alleviating 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 neighbourhood 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.”
TheRedPin’s full report (with infographics) can be viewed here.
