The subway line is a big consideration when Toronto home buyers are deciding to purchase their next property. Whether it be a condominium or a detached home, this interesting subway map will show you (and might shock you) how much it cost to buy a property along the subway line.
Originally published in Metro Toronto, thought I would share it with you to help you, and give you a sort of an idea if you are thinking of buying your next home close to the subway.
So, If you want to raise your family in a home or condo along a Toronto subway line, be prepared to fork over at least a million dollars.
The company, which manages short-term rentals and furnished apartments, used a variety of real estate websites and print ads for to map average home selling prices within 1 kilometer of every subway stop.
Steven Argyris, a partner at Skyview, called the finished product “pretty alarming” and talked about some of the most interesting points.
This north Toronto neighborhood’s average price tag of $3.5 million “stuck out like a sore thumb” for Argyris.
He suspects there are one or two pricey neighborhoods that are skewing the figure so high. It’s a good example of why moving outside the core doesn’t always mean saving money, he said.
Along the southern end of the Yonge-University line, the Sky View team used data on condos with three or more bedrooms since there aren’t very many houses, Argyris said.
For the other stops, they looked at data for homes, so the Union loop skews cheaper.
Downtown Wellesley couldn’t be more central but is still slightly cheaper than homes around many stops — one of the few coming in at under a million.
It’s a far cry from nearby Bay Station, where the average price is almost $2.5 million.
“There are just different neighborhoods there. Wellesley is closer to Sherbourne and lower-income areas,” Argyris explained. “Even walking a block in Toronto the entire neighborhood can change.”
Argyris isn’t surprised average prices for stops in Etobicoke are over the million-dollar mark, despite a subway commute to downtown that can easily run 45 minutes.
It’s an area with a lot of wealth, so, of course, homes are likely to sell for more.
But stops stretching east into Scarborough are home to some of the cheapest properties.
For Argyris, it’s a reflection that the neighborhood still suffers from a bad rap. Because of that, people might steer clear despite savings, he said.
So you can you afford it?
The answer is probably not.
Argyris and his team crunched the numbers to figure out how much money you would need to earn to afford a “modest” home of $1.4 million with a 20 percent down payment. They came up with $250,000 a year.
Only 0.8 percent of Canadians made that amount of money or more in 2014, according to Statistics Canada.
RED BARRINUEVO | YOUR TORONTO HOME STAGER
is a Canadian Certified Staging Professional. His professional affiliations include the Real Estate Staging Association (RESA) and the CSP. He is the recipient of numerous home staging awards and was picked as RESA’s Top Professional Stager of Canada for 2016. He has worked with hundreds of Real Estate Brokers, Investors, Real Estate Agents, and has helped homeowners showcase their homes at its best when it is time to sell.
As President and Principal Stager of REDESIGN4MORE, Red provides home staging and interior redecorating services for both small and large-scale residential projects throughout Toronto and the GTA. Click here to learn more about Red and REDESIGN4MORE.