In Spite Of The Cost Of Living

By: Jeffrey & Irene Joseph

In Spite Of The Cost Of Living

Tags: Toronto, Housing, House Prices, Condos, Subway, Expensive, TTC

“In Spite Of The Cost Of Living, It’s Still Popular”
Poet & Essayist, Kathleen Norris

Deconstructing The Cost Of Living Close To The Transit System in Toronto

We Are Very Fortunate To Live In A Such Magnificent City - Toronto. People Sometimes Ask,” How Much Does It Cost To Live in A Prime Location In This Said Magnificent City?  “Prime” Meaning That It Has Convenient Access To The Entertainment Districts, Many Restaurants, Shops Etc. However, Most Importantly, Toronto Has Conveniently Close Access To The Transit Systems - The Subway. If People Do Not Live In the ‘Hub’ (AKA Toronto), They Often Want To Be Able To Get To It Quickly And Easily, And This, Inevitably Comes At A Price. Exactly How Much More Does It Cost To Live Near The Subway System in Toronto?

Data Has Shown After Analysis In 2015, Condos That Were Walking Distance To The Subway (Around A 10 Minute Walk) Were Approximately 14% Higher Than Toronto Average Prices And Single Family Homes Were 15% Higher. This Correlates To About A $55,000 Difference For Condos, And A $132,000 Difference For A House.

Some First Time Buyers Are Even Willing To Sacrifice Size Or Amenities Because Distance To The Subway Is So Important To Them. This Has Been Seen Mostly With The Millennial Generation. They Tend To Prefer To Be In A Car Free, More Social Environment. They Will Often Pay The Premium Price In Order To Be Closer To The Transit System. Many Of The Condos Located Near A Subway Do Not Have Garage Parking Spaces, And Investors Expect To Rent To A Tenant Without A Car.
Living Close To The Subway Is Definitely A Popular Option For Home Owners. It Increases The Value Of The House Or Condo, As Well As It Reaps Certain Lifestyle Benefits That You Cannot Experience Living Anywhere Else. As We Have Seen, It Will Be More Costly To Live Near The Toronto Subway. However, For A Lot Of Torontonians, It’s Worth The Money!