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GO Train

Here’s What You’ll Pay to Live Close to a GO Train Stop

By: Zoocasa

Living walking distance to your office isn’t an option for most who work in the downtown core anymore. It’s a question of affordability: the average property in Toronto central now goes for about $1.3 million, while condos are almost $600,000.

Many residents are now choosing instead to live within commuting distance to the city. Not only are they likely to get a bigger house on more land, but if they live close to the GO Transit line, they can skip the congestion and traffic and enjoy an easy ride to work.

Prepare to Pay for Convenience

But what stations offer the best value for nearby real estate?

To find out, Zoocasa collected home prices based on sold listings within a two-kilometre radius from each of the 66 GO Train stations from local real estate boards, as well as commute times based on a weekday arrival at Union Station around 8:30 a.m.

The study found that the longer the commute, the cheaper the average home. For buyers willing to make an hour-and-10-minute journey, homes for sale in Hamilton offer the most value. These stops are along the Lakeshore West line and home prices are between $365,000 to $414,000. Kitchener real estate is only slightly higher, but the commute to Kitchener is far longer — at just under two hours. Similarly, Barrie homes for sale are a reasonable $470,000, but the commute would eat up almost an hour and a half, or three hours every day.

Etobicoke North, York University and Kennedy offer far shorter commute times at around 25 minutes. Although homes are more expensive, in the $550,000 range, the time saved may be worth it.

If it’s a question of affordability, prospective buyers should stay away from Port Credit and Maple. Although the distance to union station is short at around 30 minutes, the home values in these cities top $1 million.

Home Prices in Close Proximity to GO Stations

For Zoocasa’s full ranking of the most affordable homes near the GO transit line, check out the infographic below:

go-station-home-prices-zoocasa

Zoocasa.com is a real estate company that combines online search tools and a full-service brokerage to empower Canadians to buy or sell their homes faster, easier and more successfully. Home buyers can browse homes across Canada on the website or the free iOS app

 

Toronto condos in March

Toronto Experiences Slower Condo Market in March

By: Zoocasa

Condo sales posted unusually weak price gains this March, rising only 2 per cent year over year, says a recently released report by the Toronto Real Estate Board.

It’s surprising because since new mortgage regulations came into effect on January 1, 2018, condo prices have been the darling of the Toronto real estate market, rising between 5- 10 per cent year over year every month, even as detached houses softened. But this March, condo prices only grew slightly.

Units in the 416 rose 2.3 per cent to $603,969, while units in the 905 grew 3.3 per cent to $463,774. Condos for sale in downtown Toronto were still the most expensive units across the TREB region, going for $673,220, but are only $20,000 more expensive than in March 2018.
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TREB February Report

TREB Calls For Longer Amortizations to Ease Stress Test: February Report

By: Zoocasa

The Toronto Real Estate Board is blaming a soft housing market on tighter mortgage lending rules — and wants 30-year amortizations back to fire up sales.

Sales declined 2.5 per cent to 5,025 transactions, while property prices edged down 1.5 per cent to $780,400 this February year over year.

“The OSFI-mandated mortgage stress test has left some buyers on the sidelines who have struggled to qualify for the type of home they want to buy. The stress test should be reviewed and consideration should be given to bringing back 30-year amortizations for federally insured mortgages. There is a federal budget and election on the horizon. It will be interesting to see what policy measures are announced to help with home ownership affordability,” said TREB President Garry Bhaura.
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Toronto Luxury Condos

Which Condos are Toronto’s Most Expensive?

By: Zoocasa

While the weight of the Ontario Fair Housing Plan and the mortgage stress test resulted in 2018 being one of the worst years in recent record for the Toronto real estate market, condos saw a boost in popularity among home buyers.

While the average home price fell 4.3% to $787,300 over the year, the average condo saw the most price growth among all property types. With an overall increase of 8.7%, condo prices averaged at $593,366 for 2018.

At the other end of the spectrum, detached home prices offset the increase with a price decline of 7.1%. Semi-detached and townhouses had a slight uptick for price growth at 1% and 2.7%, respectively.
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Buying a Home on One Income

Ontario Cities Mostly Out of Budget for Single Income Buyers

By: Zoocasa

With the rise of real estate prices across Ontario, buying a home in the province, even with dual incomes, is no easy feat. For the significant portion of Canadians who are buying a home on a single income, you can expect that affordable cities are even fewer and far between.

Results from a Zoocasa study, which looks at the affordability of single home buyers in 20 cities across Canada, reveals that four of the five Ontario cities are out of budget for all age groups. Save for the capital, where a couple of age groups can afford homes on a single income, Ontario cities remain mostly unaffordable for singles looking to buy a home.
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December TREB report

GTA Home Sales Decline 16% in 2018: December TREB Report

By: Zoocasa

The festive season wrapped up a quiet year for the real estate market in the Greater Toronto Area, as reported by the Toronto Real Estate Board.

The latest report shows a 31.5% decrease in new listings in the GTA compared to December of last year, with 4,308 units on the market and a total of 3,781 homes sold. Compared to November, the month suffered a 39% fall in activity and an overall 22.5% decline in sales since a year ago. Market conditions during the month reflected a busier time for sellers with 87% of all homes listed sold.
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Ontario sellers markets

Is Ontario Almost Entirely a Sellers’ Market?

By: Zoocasa

Ontario is either almost entirely advantaged toward the seller, or balanced, according to the latest data from Zoocasa.

That means the sales-to-new listings ratio (SLNR) exceeds 60 per cent in 12 Ontarian cities. A sales-to-listings ratio of 40 to 60 per cent is considered balanced, and below that range it becomes a buyers’ market.

“While the SNLR doesn’t always reflect how affordable a market is, it can offer valuable hints on how a market has changed over the long or short term, and whether or not it’s an advantageous time to list or purchase a home,” writes Penelope Graham, managing editor at Zoocasa.
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2019 Housing Outlook Survey

Canadian Homeowners Still Feel Optimistic About Market: SURVEY

By: Zoocasa

The Canadian real estate market has been rapidly changing over the course of this year. There are new provincial policies, taxes, and tougher federal mortgage criteria that have reduced housing affordability and slowed sales.

This means that buyers and sellers looking for, say, Calgary homes for sale or browsing MLS listings in Toronto must now adapt to the quieter markets than ones seen in previous years.

Despite all this change, however, 2018 has also provided some much-needed stability by cooling rampant urban centres such as the Vancouver real estate market and Toronto condo market back down to more historical levels.
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Toronto November TREB report

Toronto Market Conditions Tighten This November

By: Zoocasa

Supply issues have plagued the Toronto real estate market for years, and the Toronto Real Estate Board (TREB) cites it as one of the primary reasons home prices continue their seemingly irrepressible growth.

Last November saw a surge of inventory – 14,349 new listings amid a rush to capitalize on the buying frenzy resulting from the new mortgage lending rules hitting the province in January.

This increase in properties dampened prices from November 2016 by 2 per cent.

But this November new listings fell over 26 per cent to 10,534 – almost exactly back to levels from November 2016. At the same time, sales fell only 14.7 per cent to 6,251.
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