Want to live near the Yonge subway line? You might have to pay double for a home

With the push to return to onsite work, commuting by public transit is growing. According to Statistics Canada, the number of commuters taking public transit in Toronto increased by 92.5% from May 2021 to May 2023. As a result, living close to a TTC station is a necessity for many homebuyers.

A recent analysis by the real estate website Zoocasa analyzed whether buying a home near a TTC subway station comes at the expense of affordability. Researchers calculated the average 2024 sold prices for houses and condos within 800 meters (roughly a 10-minute walk) of TTC subway stations.

Condo and house prices near TTC subway stations in Toronto’s east end are far below city averages. Condos near Kennedy Station cost the least and sell for an average of $480,558, which is about $300,000 less than the May 2024 average price of a condo in Toronto. Warden Station, also in the city’s east end, has the most affordable average home price at $1,050,631, followed by Victoria Park and Kennedy Stations.

Along Line 1 Yonge–University, homebuyers can find better condo deals north of St. Clair West. The average condo prices are below $600,000 near Eglinton West, Yorkdale, Wilson, and Finch West Stations.

Those looking to live closer to Old Toronto can find similar prices near St. Andrew, Queen, and Dundas stations, where average condo prices are below $600,000.

“Properties near TTC stations represent strategic investment opportunities with significant potential for appreciation,” Carrie Lysenko, Zoocasa CEO, said in a statement. “While some stations offer homes at lower-than-average prices, the overall convenience of living near transit hubs often comes with a higher price tag. Homebuyers and investors should carefully weigh these benefits against the associated costs to make informed decisions.”

According to the latest Toronto Regional Real Estate Board report, the average price for a detached home in the city is $1,826,370, but those looking for a home near a Midtown Toronto subway station can expect to pay nearly double, especially along Line 1.

Homes near Bloor-Yonge, Museum, Summerhill, and Rosedale Stations are on average above $3,000,000. York Mills Station tops the list as having the highest home prices near TTC subway stations, with the average price sitting at $3,957,375. Homes along Line 2 Bloor–Danforth subway stations are more affordable, with only one station, Bay, having an average home price above $3,000,000.

As for condos—expect to pay more near the Lawrence, Summerhill, and St. Clair subway stations. These are the only stations that have average condo prices above $1,500,000, with condos near Lawrence Station having the highest price (with an average price of $1,759,147).

Those who want to live in Midtown Toronto might consider purchasing a condo instead of a home, as the average condo price can be half that of a house. Around Bloor-Yonge Station, the average home price is $3,483,578, while the average condo price is about $693,382. Similarly, homes around Museum Station cost about $3,809,000 but condos cost approximately $949,678.

For this research, sold prices were sourced from the Toronto Regional Real Estate Board between January 1, 2024, and June 1, 2024. Subway stations with fewer than three sold listings were not included in the calculations.

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