We’ve all heard it before, “location, location, location”; nothing is more indicative of a home’s value as its location. Homebuyers know that having a lake or ocean view will always cost more, but beyond natural landscapes, here are the top 3 things buyers pay more to live near.
In a gridlocked city like Toronto, easy access to public transit is even more important to buyers. Those who commute downtown from the suburbs daily can tell you that the subway ride can be twice as fast as the car ride during rush hour. Beyond traffic, there is the added cost of surging parking rates. With parking becoming scarcer, the daily parking rate is becoming far too expensive for many.
Being able to walk to a subway station is without a doubt the biggest factor for property value. In a study conducted by REIN, the Real Estate investment Network, they found that homes between 400 to 800 metres of a newly build subway stations saw a 25-40% increase in their values within just 3 years of their construction. This is huge! Being closer than 400 metres of course has its own drawbacks.
Kids are the reason for many of life’s most drastic changes, including moving homes. Parents want to give their children the best possible education, so much so that they are willing get up and move within the boundaries of a highly rated school. Large premiums are paid for homes within highly coveted school zones. As with Subway stations, you don’t want to be too close to student walkways as this can bring about vandalism and graffiti to the adjacent homes.
Shopping, Restaurants and Other Amenities
Living in a highly serviced location allows homeowners to take a quick walk for a coffee or a nearby eatery. Imagine walking over to the gym or yoga studio or being just steps away from the bank or your doctor’s office. The walkability of a location is ever more important in our busy, faced paced lives. The convenience of having nearby amenities and services is immeasurable and certainly raises the standard of living of those nearby. There are even websites where you can check out the “walkscore” of a particular location.
Having a home that’s within walking distance of a subway station while being close to parks, restaurants, shopping and a highly rated school adds the ultimate premium to a home’s value, especially as more and more homebuyers look to spend less time in traffic and more time enjoying life.
If you have any questions about the home buying process or would like some information about the Toronto, Vaughan or Thornhill real estate market, feel free to contact me.
CONTACT ILAN NOW FOR A MORE PERSONALISED SEARCH EXPERIENCE!
Ilan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto, Thornhill and Vaughan real estate team.
For over 11 years, Ilan has provided more than 1550 buyers and sellers valued advice and service, enabling them to reach their real estate goals.
He’s kind of like the Bruce Willis of real estate.