HOME vs. CONDO: Comparing costs of buying within a 10-minute walk from 21 main subway stations in Toronto

With the recent announcement of yet another price hike in transit fairs, Torontonians continue to have a love-hate relationship with the TTC. Commuters can expect to pay 10 cents more per fare, and a whopping $93 every year for a monthly metro pass. One thing is for certain; living next to the subway is top priority for many house hunters looking to live in the City of Toronto.

We’ve collected the data and uncovered the trends for all homes sold within a 10-minute walk of a subway station, for 2014. We honed in on 21 subways stops, starting from the TTC terminal stations.

There are a number of factors to consider before choosing your next home, and living near public transportation is an important one.

Overall, family homes close to a subway station typically have less square footage and are older homes with lots of character, whereas homes in residential pocket neighbourhoods are bigger, quieter and safer for raising families.

Keep in mind, whether you choose to live near a subway station or not will have a profound impact on your financial situation for years to come, or as long as you live at that same address.

12 hard facts of living near a subway station

1. For condos, you can expect to pay 25% more to live within a 10-minute walk of a TTC subway station

2. For single-family homes, you can expect to pay 10% more to live within a 10-minute walk of a TTC subway station

3. Overall, the 3 most expensive stations to live near, from the 21 sampled are: York Mills, St. Clair and Eglinton

4. Condos can be bought below the average Toronto home price ($385,451)* at the following stations: Finch, Don Mills, Kipling, Downsview, Eglinton West, Kennedy, McCowan and Yorkdale

5. Single family homes can be bought below the average Toronto price ($697,383)* at the following stations: Kennedy, McCowan and Woodbine

6. The price gap between a single family home and condo were highest at following stations: York Mills ($1,615,213), Eglinton ($1,040,126) and Finch ($736,117)

7. On average, condo buyers paid nearly $90,000 more to live next to Eglinton Station than King and College Station, despite being further from the downtown core

8. On average, condos on the Yonge Line cost $150,000 more the on the University Line

9. The Eglinton Crosstown LRT will see 25 new stations by the end of 2020

10. Construction has begun on 6 new stations along the Yonge-University-Spadina Line beginning at Downsview to Vaughan

11. On March 1st 2015, children under 12 can ride the TTC for free

12. Toronto is the most expensive city in North America to own a monthly transit pass

We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market.

Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome!