Proximity to public transit boosts property valueMay 27, 2019
The world of real estate has evolved quite a bit over the last three decades. Today we have apps that help us find homes, virtual 3D tours that let us experience spaces before they’re even built, and smart phones that put the act of purchasing in the palm of our hands. But despite all this change, there is one age-old real estate adage that still holds true, location, location, location. Today, where you choose to purchase a home is still among the most important factors in determining quality of life and long-term value.
PROXIMITY TO PUBLIC TRANSIT BOOSTS PROPERTY VALUE
A study of several major US cities showed that properties located in close proximity to public transportation outperformed the market by an average of 42% (in some cases by nearly 130%). In New York City, home values on Manhattan's Upper East Side went up sixfold after the completion of the Second Avenue subway. And while the precise numbers for Toronto aren’t documented, one thing is clear: proximity to transit is an important factor in purchasing a new home, especially for first-time buyers.
Access to transit provides all kinds of benefits for homeowners, from reduced costs (bye bye soaring gas prices and monthly car payments, hello Metropass!), shorter commute times, lowered stress, cleaner air, and more walkable neighbourhoods. A report released by The Center for Neighborhood Technology states,
“Consumers are willing to pay more for housing located in areas that exemplify new urbanist principles or are traditional neighbourhood developments.’ These neighborhoods are walkable, higher density, and have a mix of uses as well as access to jobs and amenities such as transit.”
It’s the very principle we use at Collecdev to determine the best location for new projects like TRETTI – as the city continues to grow, what sites will give residents convenient access to green space, culture, retail, amenities, and community, while keeping them connected to anywhere they want to go?
TRETTI GETS TOP MARKS
You may not be familiar with Redfin, a Seattle-based real estate data and analytics company, but you’re probably familiar with their work. In 2007 the company launched Walk Score (followed quickly by Transit Score), two markers that have become a popular measure of the convenience and desirability of any address. And according to the data, TRETTI is a “Rider’s Paradise.”
With a Transit Score of 98 (out of a possible 100) and a Walk Score that puts many neighbourhood conveniences just a few steps away, TRETTI is the type of community where homes, jobs, and leisure activities intersect, creating the perfect backdrop for an active lifestyle with a smaller carbon footprint.
Located firmly within the 416 (the original benchmark for Toronto living), TRETTI keeps residents connected to the neighbourhood, to the GTA, and to the downtown core. In less time than it takes to watch an episode of Brooklyn Nine-Nine (and for less than what you’d spend on a Starbucks Venti latte) you can be at Union Station. In roughly 20 minutes you can be at the airport, en route to anywhere in the world!
LONG TERM VALUE
The trend toward intensified urbanization isn’t stopping any time soon. Toronto’s downtown core population is forecast to increase by 83% over the next 12 years and, as it grows, so too will the demand for transit services and communities built around key transit lines, providing residents with easy access to everything they need, without the hassles of a car or a long, traffic-riddled commute. Buyers (and renters) will continue to opt for convenience over space, seeking homes where a subway ride is just steps from their front door. And for homeowners, that means the security of knowing that proximity to the Red Rocket will boost property values for years to come.
Ready to invest in one of Toronto’s most connected communities? Register for Tretti Condos and find a home in the heart of the action. Don’t get left behind. Register today.