Living in Toronto’s downtown core isn’t cheap – but would you trade location and convenience for better affordability in a further-flung GTA suburb? That’s a decision faced by many prospective home buyers, as real estate prices steadily outstrip salaries: the average Toronto household earns a median income of $78,280, according to Statistics Canada, which would qualify for a maximum mortgage amount of $545,692.
However, given the average home price is $759,441 in the city, many Torontonians are setting off for less pricey pastures – a trend referred to as “driving until you qualify”. But not everyone has the wish – or the ability – to log time on Canada’s largest highways to get to and from work, not to mention the increased insurance and maintenance costs that come with being a frequent long-distance driver.
All Aboard the Home Affordability Train
That’s where light rail transportation provider GO Transit comes in – an estimated 250,000 riders take the train or bus to Union station each week, with ridership estimated to grow by another 50 per cent by 2020. The Moving Ontario Forward Plan, revealed in the province’s 2015 budget, has also committed to a $13.5-billion, 10-year investment to expanding service, adding more trips to the main corridors and implementing the GO Regional Express Rail (RER).
This means that homes situated close to GO Transit stations are poised for ballooning value – and many of them can be had today for a fraction of the cost of downtown detached living.
To illustrate affordability across the GTA’s transit hubs, Zoocasa has calculated the average prices of homes at all GO Transit stations within a two-kilometre radius*, between January to July 2017. A few highlights include houses and condos for sale in Hamilton, West Harbour and Malton. Could one of these GTA cities be the location of your first home? Check out our affordability rankings:
Most Affordable Places to Buy a Home On the GO Transit Line
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* Exceptions are Bramalea and Gormley stations, which are based on a 4km radius.
Top 6 Most Affordable Stations Within a 45-Minute Ride to Union
- Malton: $363,774 (Kitchener line)
- Cooksville: $399,380 (Milton line)
- Bramalea: $402,483 (Kitchener line)
- Dixie: $417,685 (Milton line)
- Oakville: $501,383 (Lakeshore West line)
- Streetsville: $545,450 (Milton line)
Top 4 Most Affordable Stations Within a 45 to 60-Minute Ride to Union
- Brampton: $415,542 (Kitchener line)
- Appleby: $445,888 (Lakeshore West line)
- Meadowvale: $467,981 (Milton line)
- Lisgar: $536,327 (Milton line)
Top 3 Most Affordable Stations Overall
- West Harbour: $329,123 (Lakeshore West line)
- Hamilton: $339,928 (Lakeshore West line)
- Malton: $363,774 (Kitchener line)
Top 3 Most Expensive Stations Overall
- Centennial: $1,601,444 (Stoufville line)
- King City: $1,529,078 (Barrie line)
- Old Cummer: $1,318,447 (Richmond Hill line)
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