How Much Will You Pay to Own a Home Close to the GO Transit Line?
Home buyers in pricey markets are all too familiar with the term “drive until you qualify” – trading close proximity to employment in the city core for more affordable housing options in further-flung communities.
It’s a common strategy for those who work in the City of Toronto, as real estate prices remain stubbornly high; the average house within city limits fetched an average of $1,320,333 in 2018, with condos – one of the last remaining bastions of affordable housing – still over half a million, at $593,366.
That’s prompted many would-be 416ers to set out instead for surrounding municipalities within the Greater Toronto Area, and embracing the longer commutes that come with them.
While thousands of residents from across the GTA who are employed in the city’s finance, tech, and service industries have long made the daily trek to downtown Toronto, recent numbers from Metrolinx, which runs the provincially-run transit agency GO Transit, show the commuter load is growing. GO Transit moved 56.5 million customers in 2018, increasing the number of weekly trips by 13% to 217. Growing commuter demand has led to plans to increase its services by 55% over the next two years, with two lines in particular – Barrie, and Stouffville – experiencing between 95 – 100% growth in usage last year.