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How Does the Location of Public Transit Affect Home Prices in Toronto?

It is predicted that a residential building boom is bound to happen as Toronto builds more means of public transportation. As of now, GTA homebuyers are increasingly looking for homes that have access to public transportation such as the subway, resulting to a boost in property values in highly desired areas.

The Demands of Urban Living

Most of the new residents in Toronto are drawn to the area because of work, business, or education, making them want homes that would permit them to do all even without owning a car. For those who bought condo units at the Vaughan Metropolitan Centre due to open in 2019, this is a dream made true because the Spadina subway extension is scheduled to open in late 2018. This means that the future residents of the condos at Vaughan Metropolitan Centre will just be metres away from a subway station, making their commute a lot more convenient and shorter than those who live farther away.

Homes like the condos in the Vaughan Metropolitan Centre are part of the Cosmos development home building boom that is tied to the new transit lines in Toronto, homes that are envisioned by developers to blur the line between suburban and urban living. This development also answers the demand for homes with easy public transit access that is very much sought-after by GTA homebuyers.

New Interest in Condo Living?

Incidentally, the location of Vaughan Metropolitan Centre is close to golf courses, shopping venues, and theatres, making it even more desirable in the eyes of GTA homebuyers, more so for young professionals.

Young professionals are choosing to live within their means and adapting the “less is more” mindset when it comes to living space. Some find that the extra work for maintaining a house is quite off-putting and can be overwhelming for a new homeowner.

The above is supported by Liberty Development’s Marco Filice who shared that their fastest-selling and highest-volume project they’ve done is Cosmos. Liberty Development bought the condo site 5 years ago when they first heard of the subway project. They say that these days are an exciting time in the GTA as people beginning to live  nearer their workplaces.

More Opportunities

Filice further shared the people are now more aware of the benefits of using public transportation instead of relying on having a car to get around, a thought that is seconded by Haven Developments’ Jordan Tenerman. Their company built a condo near Bayview Village, just a few steps away from the Sheppard subway. He added that people are happy to trade less space for convenience.

Freed Development’s Peter Freed shared that transit proximity is a major factor in real estate development today, because people want a location that bring them close to public transportation no matter if it costs more per square foot as compared to a typical house. Are you the same? Then the following developments are worth a look!

  • 150 and 155 Redpath by Freed and Capital Developments
  • SIX25BV by Haven Developments
  • Cosmos Condos by Liberty Development Corp.
  • Southside Residences at Gramercy Park
  • SonicCondos by Lindvest at Eglinton Ave. East and Don Mills Rd.

The above means that if you own a home near the cited locations, you may have more home equity than you think. Want to use that? Contact us for details.

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