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To be or not to be & living close to a subway & is it worth the cost?
Feb 26, 2015
From CondoTrends by Duncan McAllister
With the recent announcement of another transit fare hike which will cost 10 cents more at the fare box and $93.00 per year for a Metropass, living close to the subway is still a top priority for many house hunters.
A Toronto real estate brokerage (TheRedPin Realty)compared the costs of buying both houses and condos within a 10 minute walk from 21 subway stations in Toronto with eye-opening results.
The company arrived at the numbers by analyzing all the properties sold in 2014 and the results were revealing.
For example condos close to TTC subways are 25% higher as opposed to 10% more for single family homes.
Condos along the Yonge line are $150,000.00 more on average than on the University Spadina line. The three most expensive stations to live near are York Mills, St.Clair and Eglinton all along the Yonge line.
The analysis also revealed that condo buyers paid more than $90,000.00 to live next to Eglinton station than King and College stations, despite being further from the downtown core.
Rokham Fard, co-founder of TheRedPin Realty said living closer to certain subway stations is actually less expensive perhaps because the concentration of properties near the station and higher supply lowers the prices coupled with the fact that homes closer to these stations are smaller.
Whether condo or home, it depends on the buyer and what they want says Fard.” They’re are two different lifestyles but important to note that single family homes include detached, semis, townhomes and link townhomes.”