Looking for a home near a Midtown TTC station? You better have $3 million on hand.
Residing in proximity to public transportation is a necessity for many homebuyers, as commuting to work by transit went up by 92.5 per cent since May 2021, a Statistics Canada 2023 study found.
A recent analysis by real estate website Zoocasa proved just how desirable it is to live close to public transit by calculating the average 2024 prices for houses and condos sold within 800 meters (roughly a 10-minute walk) of a TTC station.
The average price for a detached home in the city is $1,826,370, according to the latest Toronto Regional Real Estate Board (TRREB) report, but potential homebuyers looking to settle near a Midtown Toronto subway stop can expect to pay nearly double that, especially if it’s along Line 1.
Detached homes near St. George, Bloor-Yonge, Bay, Museum, Summerhill, St. Clair, and Rosedale Stations average above $3 million, according to the report. However, York Mills Station takes the crown for having the highest home prices near a station, with the average price at a whopping $3,957,375.
The average condo prices for the aforementioned stations range between $693,382 (Bloor-Yonge) and $1,740,033 (Summerhill), representing the most expensive prices out of all condos near TTC stations. The average price of a Toronto condo apartment in May was $767,064, according to TRREB.
“Properties near TTC stations represent strategic investment opportunities with significant potential for appreciation,” Carrie Lysenko, CEO of Zoocasa, said in the report.
“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 cost to make informed decisions.”
The majority of homes located along Line 2 are more affordable, with many under $2 million, and only one station exceeding $3 million (Bay Station).
The most affordable house and condo prices can be found in the east of Toronto, where home prices near TTC subway stations are far below city averages.
Warden Station has the most affordable average home price for a detached home at $1,050,631, followed by Victoria Park ($1,081,168) and Kennedy ($1,097,462) Stations.
Condos near Kennedy Station cost the least citywide and sell for an average of $480,558, nearly $300,000 less than the May 2024 city average.
