One of the most important factors that impact real estate values is access to transportation.
The Real Estate Investment Network (REIN) has conducted a study called “The 800 Metre Effect” where they show proof that transit protects property values. They say that “as population increases and a new demographic enters the housing market, there is a growing interest in development around transit nodes…in a recently published research in the US for example, residential properties maintained their values during the latest recession, whereas other properties plummeted in value.”
Ensuring you find the right location is key. In this video we stand near the Danforth Subway Line which is close to the Toronto Beaches, East York, and Leslieville. As REIN puts it, “property owners see the multi-faceted benefits of purchasing in these locations for themselves or their tenants because it provides them increased access to jobs, a decrease in commuting costs, increased values and rents, and a higher quality of life as measured by connectedness and community. The properties also demonstrate resiliency during economic downturns. Residential properties generally benefit from being at least 50 metres away from a station but within walking distance (which is generally characterized as 800 metres or 1/2 mile.”
Perhaps this will make you think differently next time you search for a property. Contact me to discuss what areas around the Danforth have shown strong property values and what areas are now starting to pick up…hence the opportunity to get in before prices rise.