There’s no question that Toronto is one of the most expensive places to live in Canada – especially when it comes to real estate! Even as our market cools – thanks to both the provincial government’s new Ontario Fair Housing Plan in April and the Bank of Canada’s 0.25 per cent interest rate hike in July – buying property in the city is prohibitively costly. The average price to secure a Toronto home to call your own (detached, semi-detached and condos) is now just shy of $800,000! (Here’s our advice on How Homeowners Can Adapt To Rising Interest Rates – and shifting real estate market conditions!)
Throughout 2016 and 2017, when our real estate market was skyrocketing, the hot ticket item that saw droves of ambitious homebuyers competing for a single property was detached homes. But now that the we’re seeing a gradual settling and a shift in supply and demand, it’s the condo market that’s taking centre stage (with prices rising steadily!) According to a report by Urbanation, 21,968 condo units sold during the first six months of 2017, surpassing 12-month levels averaged over the past 10 years (19,997 units)! -Urbanation
Using Toronto Real Estate Board data, our Bosley Real Estate colleague, Davelle Morrison, recently charted the average sale prices of condos along transit lines. Since the everlasting real estate mantra in a hub like Toronto is “location, location, location”, and proximity to the TTC is so highly-coveted, this is a very smart way to map condos price trends!
When looking at Davelle’s map below (high-resolution version here), which was featured by BlogTO the most expensive one and two bedroom condos along Line 1 lie near the Summerhill, Museum, and St. Andrews stations. Along Line 2 – generally slighty cheaper – the most expensive one and two bedroom condos surround St. George, Bay, Yonge, and Old Mill stations. Does that align with what you would have expected?
*Courtesy of MorrisonSellsRealEstate.com
Remember, with prices always fluctuating, this map is best used as a guide, rather than fact. But what it does certainly indicate is that anywhere on the subway line is becoming exceedingly costly!
Speaking of transit, we recently posted a piece on how Torontonians covet being near public transit, and the effect of that desire on real estate: The Value Of Public Transit In Toronto. There are a select few things that people will always pay more to live by, one of the biggest being efficient public transport. With sky-high real estate prices in Toronto being mirrored by rising gasoline prices and the costs of owning a motor vehicle, it’s easy to see why homebuyers will fork over extra cash to be close to transit. Moreover, the aggravations that come with driving a car in the city – hard-to-find parking spots, steep parking rates, and headache-inducing traffic jams – have been pushing urbanites toward transit for years. After all, there are Real Financial, Emotional and Health Costs of Commuting.
Thankfully we live in a city where there are many different options for commuters, not just cars and transit. How about fitting in a healthy walk every morning? The strongest transportation movement in the past decade has been by cyclists, pushing for a more bike-friendly city ifrastructure: On Cycling In The City: Then And Now.
Would you like to live near public transit? With decades of experience navigating the highs and lows of our market, and our commitment to remain acutely aware of shifts and trends, we’re here to help! All without pressure or hassle.
May we be of assistance to you, or someone you love? Please know we’re here to help!
Steven Fudge and his Urbaneer Team
Bosley Real Estate Ltd., Brokerage • (416) 322-8000
http://www.urbaneer.com • email@example.com
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