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Is living near a school worth the cost?

May 27, 2015

Every parent wants to give their children the best education but with the cost of single family dwellings it is becoming increasingly difficult to afford a home near a top-ranked school.

Research completed by the real estate brokerage TheRedPin indicates that in Toronto, buyers will pay up to 36.66% more for a detached home to be near a top school within Toronto District School Board(TDSB) school districts.

TheRedPin study indicates that a condominium within the boundaries of the best schools in the GTA sell on par with the average.

Whether you have school aged children or not, a good school district translates to a good neighbourhood and strong property values.  Properties near the schools are usually more affluent with safer neighbourhoods.

TheRedPin looked at education data from a 2014 report from the Fraser Institute and correlated it to Toronto home sales data from the past year, and then overlaid it onto TDSB school districts.
The research showed definite evidence of pockets of increased property values, almost matching the borders of certain desirable TDSB school districts.

The secondary benefit of living close to schools is the resale value of your property will be higher.

Adapted from Duncan McAllister, Metro News