Distance to transit a factor in rising Toronto house prices

CBC News

The average price for a house in Toronto is moving closer and closer to seven figures.

For a house to cost $1 million, though, it has to check off a few crucial boxes. First and foremost, according to many looking for a new home, is location.

Comment: According to everyone. Good areas cost more than bad areas. Simple as that.

Andrew Roper is hunting for a home this December. He’s one of the Toronto home buyers willing to pay $1 million for the right home. But he has one overarching condition: “I want to be within five to 10 minutes walk from nearest subway.”

The average detached home in Toronto fetches nearly $935,0000. But more home buyers seem to be factoring commute times into their purchasing decisions.

Comment: From houses to condos. This is one of the main driving factors behind today’s prices.

“Transit is playing a big role, absolutely,” said Lisa Patel, owner of the Property Princess. “Do we want to be sitting on the road? Or do we want to be in something that’s going to be convenient [for getting around]?”

Proximity to transit, says Gary MacRae, a sales representative at Sandra Rinomato Realty, is a big driver of house prices. Many home buyers want that proximity, but don’t necessarily realize that is what’s driving up the price of the address.

“Everyone wants public transit availability, whether they walk or take a short bus ride to a subway station. A lot of times they don’t realize that with that comes a higher price tag because of the convenience.”

The supply of houses for sale is typically limited this time of year. Which is why Roper is willing to buy a fixer-upper — as long as it is, as he says, in the right location.

Click the yellow house icons to see the home prices and descriptions of these homes near subway stops.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.
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