Zoocasa, an online brokerage, recently reported on the relationship between the GO Transit system and housing prices in proximity to its train stops.
With so many in the Greater Toronto Area pushed out of the downtown core where they work because of ever-increasing property costs, any area that is accessible to transit should, theoretically, be more expensive.
“Home buyers in pricey markets are all too familiar with the term ‘drive until you qualify,’ trading close proximity to employment in the city core for more affordable housing options in further-flung communities,” says Penelope Graham, managing editor of Zoocasa.
Compare today's top mortgage rates
Looking for a great mortgage rate? Check out the lowest mortgage rates available
Zoocasa wanted to figure out exactly what value a nearby GO station adds, and where along the line money goes the furthest.
To find out, they collected home prices based on sold listings within a two-kilometre radius from each of the 66 GO Train stations from local real estate boards, as well as commute times based on a weekday arrival at Union Station around 8:30 a.m.
They discovered that the most affordable stop was West Harbour, on the Lakeshore West Line, with homes in the surrounding region going for $365,927. The kicker? The commuting time is a full 71 minutes. Nearby Hamilton is the same commuting time, but home prices are a bit higher. According to the Hamilton MLS, home prices are $414,372.
If you’re looking for a closer commute, check out Etobicoke North on the Kitchener line. It’s only 15-20 minutes from Union Station. Of course, surrounding homes are a bit higher at $545,000.
Dixie, near Mississauga homes for sale and on the Milton line, is another option that’s far more affordable than the downtown core while being just under a 30-minute ride away from Union. Home prices there are just under $600,000.
Prospective buyers will need to weigh their time-versus-money to find the perfect spot.
Either way, any city or neighbourhood they choose along the Go Train is almost guaranteed to be cheaper than a property walking distance to the core: the average house within city limits fetched an average of $1.3 million, with condos are now almost $600,000.
For Zoocasa’s full list of the most affordable homes near the Go transit line, check out the infographic below:
Zoocasa.com is a real estate company that combines online search tools and a full-service brokerage to empower Canadians to buy or sell their homes faster, easier and more successfully. Home buyers can browse homes across Canada on the website or the free iOS app