There’s an old joke that there are two seasons in Toronto: winter and construction. The latter has been top of mind for many in the recent past, especially around midtown where Metrolinx has been hard at work on the Crosstown LRT. As the 2022 opening date nears (as of May construction was 75% complete!), many current and future residents (like those at 38 Broadway) are celebrating. Why? Because they know that life on a transit line comes with big benefits.
A lot of different factors affect property value – location, design, architecture, unit type, and yes, proximity to efficient public transit. Studies, like this one from the American Public Transportation Association (APTA) and the National Association of Realtors (NAR), have shown that property values increase dramatically when located close to transit.
- The median sale price for homes is 4% to 24% higher.
- Price per square foot on commercial properties rises between 5% and 42%.
- Rent prices increase between 2% and 14%.
It’s a global phenomenon – in London, home values rise £1,000 for every minute people save in transit time on the tube; in Los Angeles, houses and apartments within a half kilometre from rapid transit are 2x more expensive; in Dallas, properties served by rail see a 39% increase in value – but similar findings come up right here in Toronto. A 2015 study showed that property located close to a subway station sold for 30% more than properties 500 metres or more away.
“The number one thing people will pay for is walkability to a subway station,” says John S. Andrew, director of the Queen’s Real Estate Roundtable at Queen’s University. “In Toronto you can draw concentric circles around subway stations, and you can see the further you move outward, the lower the property values are. For example, if you’re three blocks from Eglinton station, that’s like gold.”
That’s great news for future residents at 38 Broadway. Not only will they be in a prime position to enjoy the vibrant neighbourhood amenities of Yonge and Eglinton – including some of the city’s most popular coffee shops, restaurants, fitness studios, and abundant retail – but they’ll also be just steps from the new Crosstown LRT, a dedicated route that will connect 25 stations along 19 kilometres between Kennedy in the east, and Mount Dennis in the west, making getting across town up to 60% faster and more convenient with links to 54 bus routes, three TTC subway stations, the UP Express, and three GO Transit lines.
Long-term home value. A faster commute. And there are even more pros to living near transit, including:
Improved Physical Health
According to the Heart and Stroke Foundation, people who commute via transit are three times more likely to reach their daily recommended allotment of physical exercise than those who drive to work.
A Happier Outlook
Less time stuck in traffic + less expensive parking costs + less road rage = more time to do the things you want, and that can have a huge positive impact on your mental health and the quality of your daily life.
The study from the APTA and the NAR also showed that transportation costs are significantly lower for homeowners living near transit lines, with savings, on average, between $2,500 to $4,400 per year.
Melanie Reuter, a former director at the Real Estate Investment Network (REIN), sums it up, proximity to transit is “the feature that adds the most value to a home.”
If you needed another reason to consider 38 Broadway, this is it – with beautiful architecture, thoughtful amenities, and a prime location at Yonge and Eglinton just steps from the Yonge subway line and the future Crosstown LRT, this is an address that will enrich your life in every sense.
The Eglinton Crosstown LRT is scheduled to open in 2022. For the latest construction updates and milestones visit the Crosstown website at thecrosstown.ca. And for more information on 38 Broadway, contact us today