With the return to onsite work growing, commuting by public transit is also on the rise. In Toronto, the number of commuters taking public transit increased by 92.5% from May 2021 to May 2023 according to Stats Can. As a result, proximity to local amenities, especially public transportation, is one of the most valuable benefits a home can offer. For Toronto homebuyers, the proximity of a home to one of the city’s 70 subway stops can make it even more desirable. But does buying a home near a TTC subway station come at the expense of affordability?
To find out, Zoocasa calculated the average 2024 sold prices for houses and condos within 800 meters (roughly a 10-minute walk) of TTC subway stations. Sold prices were sourced from the Toronto Regional Real Estate Board between January 1, 2024, and June 1, 2024. Stations with fewer than three sold listings were not included in the calculations.
Top Value Neighbourhoods in The East and North of Toronto
The most affordable condo and house prices can be found in the east of Toronto, where home prices near TTC subway stations are far below city averages. Condos near Kennedy Station cost the least and sell for an average of $480,558, which is nearly $300,000 less than the May 2024 average price of a condo apartment in Toronto. Warden Station, also in the east of Toronto, has the most affordable average home price at $1,050,631, followed by Victoria Park and Kennedy Stations.
Along Line 1, homebuyers can also find condo deals north of St. Clair West. 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 also below $600,000.
“Properties near TTC stations represent strategic investment opportunities with significant potential for appreciation,” says Carrie Lysenko, Zoocasa CEO. “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.”
The Priciest Homes are Near Midtown Toronto Subway Stations
According to the latest Toronto Regional Real Estate Board (TRREB) report, the average price for a detached home in the city is $1,826,370, but if you’re looking for a home near a Midtown Toronto subway stop you can expect to pay nearly double that, especially if it’s along Line 1. Homes near Bloor-Yonge, Museum, Summerhill, and Rosedale Stations average above $3,000,000. However, York Mills Station takes the crown for having the highest home prices near TTC subway stations, with the average price at $3,957,375. On the other hand, homes along Line 2 subway stations are more affordable, with only one station, Bay, having an average home price exceeding $3,000,000.
When it comes to condos, buyers can expect to pay more if looking around Lawrence, Summerhill, or St. Clair Stations. These are the only stations that have average condo prices above $1,500,000, with condos near Lawrence Station having the highest price tag with an average price of $1,759,147.
Compromising Property Type for Convenience
Homebuyers determined to live near Midtown Toronto may consider investing in a condo instead, as average condo prices can be half those of homes. Around Bloor-Yonge Station, for instance, the average home price is $3,483,578, while the average condo price is just $693,382. Similarly, homes around Museum Station cost an average of $3,809,000 but condos average just $949,678.
Across the city, the majority of average condo prices near subway stations are below $1M, making this a great alternative for buyers who want the convenience of city life and the affordability that condos provide.
Are you in the market for a condo in Toronto or the GTA? Give us a call today! One of our experienced real estate agents can guide you through the condo-buying process.
