Every realtor knows the mantra “location, location, location”, and every homebuyer for that matter. But location, of course, is a relative word. After all, being located next to a prison or a landfill won’t do much for your home’s resale value. But there are a select few things that people will always pay more to live by, including efficient public transport. With real estate prices still climbing alongside the costs of owning a motor vehicle, despite the downturn in the market, 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.
“The number one thing people will pay for is walkability to a subway station,” says John S. Andrew, director of the Queen’s Real Estate Roundtable at Queen’s University. “In Toronto, you can draw concentric circles around subway stations, and you can see the further you move outward, the lower the property values are. For example, if you’re three blocks from Eglinton station, that’s like gold.”
But why is that?
The push to buy real estate close to transit is driven by some pretty big physical, psychological, and financial benefits. According to the Heart and Stroke Foundation, those who commute via transit are three times more likely to reach their recommended allotment of physical exercise per day than those who drive to work. If taking transit can help us be healthy, that’s a pretty big incentive, right?
Then there are the mental benefits to consider; avoiding traffic jams, steep parking costs, and road rage, as well as having more time to do the things you want, can have a huge positive impact on your mental state and the quality of your daily life. We wrote about this in our blog, What Are The Real Costs Of Commuting? Add to that the knowledge that you are helping to lower our carbon footprint – that feels pretty good, doesn’t it?
Financially speaking, the benefits are more straightforward. While Toronto has steep fares (to $3.30 per ride), the cost of running an automobile over long distances is substantially more expensive. It could effectively erode the growth of your net worth over a period of time. Not to mention the skyrocketing cost of gas!
Interestingly, the push to be close to transit doesn’t apply to residential real estate alone. Here’s a dated, but very relevant study: Commercial real estate company Avison Young looked at buildings sold in Toronto’s downtown core from 2012 to 2015 and compared their sale price, slotting them into two categories: commercial buildings less than 500 metres from a subway station and commercial buildings outside that range. The result? Avison Young found that the towers closer to the subway station sold, on average, for a full 30 percent – more than buildings further away!
Just think how much that’s escalated in recent years!!
This reinforces the link between residential and commercial real estate and their influence on one another – that’s one of the most interesting takeaways for me! The demand to be close to transit routes starts with workers, specifically millennials, who want to be near transit because they often don’t have cars. The companies that employ those millennials then seek office space near transit, which drives higher rents and ultimately a higher property valuation.
So, what are the options for those who travel by public transit in Toronto? In essence, what are people paying extra hundreds of thousands of dollars to have convenient access to?
The TTC
The TTC is the primary mode of transit in Toronto and comprises 4 subway lines, 11 streetcar routes and more than 140 bus routes. They also offer specialty services like Wheel-Trans for those who are differently-abled, as well as the Blue Night Network for those travelling overnight. There are even transfer opportunities between several TTC services and the GO Transit commuter rail services. For full schedules, maps and fares, visit the Toronto Transit Commission website.
Image courtesy of the Toronto Transit Commission
GO Transit
A division of Metrolinx, GO Transit serves the Greater Toronto and Hamilton Area, with routes extending to communities across the Greater Golden Horseshoe, including 7 train lines. It is a favourite of those who commute from outlying bedroom communities like Ajax or Oakville. On average, 271,000 passengers ride GO transit daily to get to work or school, to go home, or to attend leisure activities. For full schedules and fares, visit the GO Transit website.
Image courtesy of GO Transit
The Union-Pearson Express
One of the newer additions to transit in the GTA, the UP Express connects the country’s two busiest transportation hubs, Toronto Pearson International Airport and Union Station in downtown Toronto. We wrote about this in our post called The Union Pearson Express As A Toronto Staple. Happily, passengers can now avoid a frustrating, time-consuming and traffic-congested trip by car; UP trains depart Union and Pearson every 15 minutes, and the trip is only 25 minutes! For schedule and fare information, visit the UP Express website.
Image courtesy of the UP Express
“The feature that adds the most value to the home is nearness to rapid transit,” says Melanie Reuter, director of research at the Real Estate Investment Network. “That’s been backed up by research throughout North America.”
Whether you’re heading to the airport or just heading to work, proximity to the TTC is extremely important to Toronto homebuyers. Properties within walking distance of a subway station are generally more valuable than those on bus or streetcar lines, but the difference is becoming smaller as more and more Torontonians choose transit over driving a car, and available properties become more scarce.
Wouldn’t you love to live near public transit? Our fresh-to-market listing at 1392 Bloor Street West is equidistant from both the Lansdowne Subway Station and the Bloor Go Station / UP Express Station – just a 4-minute stroll to both!! Like we always say, ‘Convenience is key!’
We call it: A Tony Towne On Bloor Street West At Symington, offered at $799,000!
For those seeking a well-executed, flexible space that balances scale and proportion – ideally suited to a couple or young family – this top-drawer tony towne in a vibrant ‘AAA’ neighbourhood is definitely worthy of your consideration!
You often can’t realize the true value of convenience until it has become an integral part of your day-to-day; then you wonder how you ever managed without! And what’s more convenient than having an assortment of both cool and necessary amenities at your doorstep, making daily life both easier and more fun? Welcome to Bloor Street West! Pedestrian-friendly, cyclist-friendly, and boasting public transport aplenty, it’s no wonder that this address merits a PERFECT RideScore of 100, a WalkScore of 96 and a BikeScore of 94. For convenience and choice, this is a prime spot!
Townhouse 2 is a beautiful multi-level dwell with northly exposure, making it quieter than those units facing the bustle of Bloor. Freshly painted throughout, this home offers about 1000 square feet of well-designed living space spread over four levels (plus a 252 square foot roof terrace!) and has the feel of a house. An open plan entertainment space, two bedrooms, two bathrooms, a flex/office space, a roof terrace, a balcony, a private garage with direct access into the unit… this one has it all!
Contact James Ormston (james@urbaneer.com) or Steven Fudge (steve@urbaneer.com), with any questions.
Our fresh-to-market listing at 25 Maitland Street – between Church St. & Yonge St. – is just 2 minutes from Wellesley Subway Station. (In fact, you can see a slice of it from the window!) How convenient is that?!
We call it: Swizzle & Shake At The Cosmopolitan Condo Near Yonge & Wellesley Street East, offered for sale at $489,000!
Does your definition of the perfect pad include living steps from life-enhancing amenities and a diverse mix of opportunities for work and play? This near-800-square-foot condo offered for sale for under $500,000 in ‘The Cosmopolitan’ condominium may just hit all the right notes for you!
Situated on Maitland Street, this property is just a hop, skip, and a jump to the vibrant Church Village, chic Yorkville, the fashionable purveyors of Bloor Street, and the ‘everything goes’ shops of Yonge Street (The longest street in Canada!) When you live here, you can soak up Toronto’s sexy urban vibe and take advantage of the convenience of living in the heart of it all! The area is chock-full of fresh restaurants, bars, and coffee houses to discover, not to mention some of the finest shops & boutiques, gorgeous galleries, and fitness studios.
To learn more or to book a private viewing, please contact Steve (steve@urbaneer.com) or James (james@urbaneer.com). We’d be happy to assist you!
Looking for the services of an on-trend well-informed experienced realtor who has been a consistent Top Producer for over 3 decades?
We’d love to introduce your services to you.
Serving Buyers who are upsizing or downsizing, relocating here or there, and building their property portfolio, our mandate is to help clients choose the property which will realize the highest future return on their investment while ensuring the property best serves their practical needs and their dream of “Home” during their ownership.
Are you considering selling? We welcome providing you with a comprehensive assessment free of charge, including determining your Buyer profile, ways to optimize your return on investment, and tailoring the listing process to suit your circumstance. Check out How Urbaneer’s Custom Marketing Program Sold This Handsome Edwardian Residence In East York to learn more about what we do!
Consider letting Urbaneer guide you through your Buying or Selling process, without pressure, or hassle.
We are here to help!
With three decades of experience navigating the ever-changing Toronto real estate market, a commitment to promote the sale of properties like yours with interesting and relevant information, and the ability to guide Buyers with credible insights and well-informed guidance, the Urbaneer Team help without pressure or hassle.
Thanks for reading!
-The Urbaneer Team
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-800
– we’re here to earn your trust, then your business –
Celebrating Thirty-One Years As A Top-Producing Toronto Realtor
*Did you know we were recently listed as one of The Top 25 Toronto Real Estate Agents To Follow On Twitter! – The Top 50 Blogs On Toronto – and The Top 100 Real Estate Blogs In Canada? Consider signing up in the box below to receive our FREE monthly e-newsletter on housing, culture and design including our love for unique urban homes and other Toronto real estate!
*Love Canadian Housing? Check out Steve’s University Student Mentorship site called Canadian Real Estate, Housing & Home which focuses on architecture, landscape, design, products, and real estate in Canada!
* Title Image courtesy of Ammar ElAmir (@ammarelamir)