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Tuesday, 8 November 2016
Surprise! You Can Live by the Subway and Save Serious Cash
Data Reveals King, Finch and Eglinton Stops Among Subway Adjacent Anomalies
TORONTO, ONTARIO--(Marketwired - Feb. 10, 2015) - While most Torontonians are onboard with easy access to transit, common sense tells us that real estate prices go up the closer you get to a subway stop. Surprisingly, recent research from TheRedPin.com on Toronto family homes and condos sold in 2014, shows that while in most cases, the conventional wisdom holds true, average prices are in fact lower around the local subway station in a number of Toronto's most coveted neighbourhoods.
"When facing Toronto's traffic congestion, proximity to transit offers a range of preferred lifestyle benefits," said Rokham Fard, Co-Founder and CMO of TheRedPin.com. "The obvious assumption would be that homes on the subway line cost more than those outside of walking range. We crunched the numbers for our clients and immediately realized that there are some amazing opportunities for Torontonians to have their home and transit too, in some cases with surprising savings."
While the research found the conventional wisdom to hold true in most cases, there were some notable exceptions where housing is actually cheaper within walking distance (10 minutes) of public transit. These stations included:
Total Active Listings (as of Feb 9, 2015)
Lower costs apply to condos only
Lower costs apply to single-family homes only (including detached, semi-detached, townhouses and row/link homes)
Lower costs apply to both condos and single-family homes
More insights can be found in an infographic HERE.
TheRedPin.com compared data on all properties sold in 2014 surrounding 21 Toronto subway stations, covering points on all subway lines in all regions of the city. Based on their comprehensive review of all sales in 2014, they found that on average, family homes had a premium of 10% and condos a premium of 25% more to live within a ten minute walk (0.8 km radius) of a subway station when compared with similar properties located 2.5 km outside of the respective station.
"Frankly, we were really surprised by some of the findings," said Fard, "In particular, Eglinton station and King station had us crunching the numbers several times. This is great news and actionable information for anyone who wants to live on the subway line in one of these prime neighbourhoods."
Fard points to the unusual abundance of resale condos available in the Yonge & Eglinton area as a possible explanation for favourable numbers there.
King station is in the heart of the financial district, and therefore largely attracts young, single professionals rather than families. As such, there is a higher percentage of one-bedroom units, meaning that condos in the area are smaller, which drives down the overall average cost.
Even more good news
Whether they buck the trend or not, there are a number of subway stations where condos can be bought below the average price of $385,451 † in Toronto:
For single-family homes, you can find homes priced below the Toronto average of $697,383 †† near:
In general, the most expensive subway stations to live near (out of the 21 stations sampled) were York Mills, Eglinton, St. Clair and St. Clair West Stations.
† Average price for a Toronto condo for the 2014 Calendar Year, according to TREB.
†† Average price of a Toronto detached, semi-detached, townhomes and row/link homes for the 2014 calendar year, according to TREB.
TheRedPin is the easiest way to buy or sell a property. With the largest database of residential homes for sale in the GTA, TheRedPin guarantees to save clients time and money. TheRedPin Realtors® offer the best real estate advice, free of charge. No pressure - just answers to all your home buying, selling and mortgage questions. TheRedPin is a hybrid of a high tech company with a savvy real estate brokerage. To learn more about TheRedPin, visit www.TheRedPin.com/company-info.