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The road (or subway) to riches
Will your home one day be on a subway or major transit line?
The old real estate axiom about location, location, location has a well-known addendum: being near a subway or major transit route can instantly increase what your home is worth without you having to do anything at all.
But can you tell where they're going to build or if the place you're looking to buy will one day find itself on a subway or major transit line? The answer is yes, if you believe government plans about where officials hope to put the new routes.
Adding transit takes years of planning and a commitment of millions of dollars and all of it has to be done well in advance. That means the powers-that-be know where they'll be putting the new tracks and trains as much as a decade or more before a shovel actually hits the ground.
One of those locations could be along waterfront-adjacent Cherry Street, which would make the folks on Condo Row lick their collective chops at the thought of bulging resale values.
"Streetcar access is phenomenal in terms of adding to value and presence ... people want to be on a streetcar line," said David Jackson, a Toronto urban planner.
Plans for the new tracks could start as early as spring 2009, while the underground expansion of the Don Mills subway line all the way to Morningside could have homeowners on the north side of town dreaming of dollars, though there's no official date for that project to commence.
So just how much of a bottom line difference are we talking about here?
"Easily thirty to fifty thousand dollars," confirmed Toronto realtor Janice Mackie. "Thirty thousand dollars is a parking spot ... you don't have to purchase that."
What's more, given the constant rise in gas prices and the GTA's traffic volume, the Better Way may soon be looking even better still.
And while the two mentioned above are among the more central and immediate transit expansion schemes in the works, there are dozens of others being hatched around the GTA and Ontario as well.
June 24, 2008 in Location, location, location | Permalink
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Comments
Partialy I can agree with Geoff.In City of Toronto current problem is new city land tax.
But in suburbs and villages as Georgetown new detach house is almoust $ 600,000.So thouse areas Caledon,Orangville,Acton,Milton,
North Brampton,North Burlington,North Oakville, etc. have overvalued houses.Why?
No transit or very,very, poor transit connection.No industry,poor services or any job,and no Universities or Collegues (exept Sheridan)in south Brampton and Oakville.
Higher property taxes and overal Higher Retail prices in stores than Toronto.On West side of Toronto are Peel and Halton Regions with population over 1.6 milon and North side is York Region with population over 1 milion. So thouse regions have a same population as Toronto and sales activity of properties are over 65% from GTA sales activity.
So when crash will come than from thouse Regions will see a big pressure on
Toronto RE Market as well.From next month you can see at least 17% decline of sales volume in GTA and even can going to 21% decline.For sure next 2009 will be crash in GTA and about Toronto will be less price correction,even minnor correction but will be pressure...
Posted by: | Jun 25, 2008 10:57:12 AM
Hey, thanks for the callout! I'm really not a troll, but not one of the areas you just mentioned (Brampton, Action (where the heck is that?), etc are anywhere near the walkable urbanized areas that I think are going to be ok. (ie Toronto, as defined by the borders that the regular TTC fare will take you) so I'm not sure what your point is? That the areas that are far away from where people work are experiencing price declines as gas prices hike upwards? If that's true, than isn't it remotely possible that the same high gas prices will motivate people to look in the city? Doesn't the possibility exist?
And not everyone will want to rent. I love being able to reno a bathroom or upgrade an appliance when I feel like it.
Posted by: Geoff | Jun 25, 2008 9:29:41 AM
To Mr.Geoff
Resale is going dramaticly down and now I'll be clear about overvalued houses in GTA:
Brampton,Mississauga,Oakville,Burlington,Milton,
Georgetown,Acton,Caledon,Bolton,Orangeville,New Market,Aurora,Maple and Vaughan have overvalued houses.And for sure the bubble will start from thouse areas.
Soon the game is over....
Posted by: | Jun 25, 2008 1:37:03 AM
Yes,and also I'm agree with your comment:
"The Market is doing very well (decline of sales with double digits) and will continue like this for ever (decline of sales with double digits)....
About Residential ReSales in GTA in 2008:
Feb.2008 sales decreased 11.2%
Mar.2008 sales decreased 22.2%
Apr.2008 sales decreased 7.3%
May.2008 sales decreased 16%
Mid-June.2008 sales decreased 14%,avg.price up, and inventory listings are up 17%.
Posted by: | Jun 25, 2008 1:19:02 AM
The Market is doing very well and will continue like this for ever. No need for this -ve look
Posted by: | Jun 24, 2008 5:00:50 PM
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