THE RISING NEIGHBOURHOOD IN TORONTO REAL ESTATEBy CondoWong Saturday, October 19, 2019
What’s the most important public amenity in the city of Toronto?
I’d say it’s the subway.
On an average day, how many people do you think take the TTC?
Take a guess. 1 million?
1.7 million people take the TTC every day.
The TTC network is an artery that controls how Toronto moves, how Toronto works and how Toronto develops.
In the Top 3 Winning Neighbourhood video, we talked about 3 winning neighbourhoods that are along the subway line.
Today, we are going to talk about a historical change that is happening in Toronto right now.
Canada’s first subway opened in Toronto in 1954, with only 12 stations along Yonge St, going between Union Station and Eglinton Avenue.
In 1980, our subway map looked like this.
Isn’t this shocking? The subway map we have today isn’t that much different from 40 years ago!
The subway development in Toronto has been slow...very slow.
Our city is working very hard on massive transit expansion plans in order to keep up with our population growth.
Let’s take a look at the 2 most important subway expansions in the last 40 years.
In 2002, the Sheppard line opened, connecting Yonge St to Don Mills Road along Sheppard Ave.
Only 4 stations were added, but this line brought along endless developments along the line for the past 18 years and for the next 10 to 20 years to come.
Just 2 years ago, in 2017, the subway expanded outside the city of Toronto to the city of Vaughan.
There are 25 municipalities in the GTA.
Vaughan is the only one outside of the city of Toronto that is accessible by the subway.
Master planned commercial, residential and infrastructure developments around the Vaughan subway will be the main focus for the city of Vaughan for the next 30 years to come.
The Sheppard and the Vaughan expansions only added 4 and 6 stations each.
Imagine adding 25 stations in midtown Toronto.
The impact is going to be historical.
You might think this is just a vision or a nice plan on paper.
Let’s have a look flying over the Eglinton Avenue.
As you can see, construction is well under way and the 25-station Eglinton line is set to open in 2021.
The Eglinton line consists of an underground segment and an above ground segment.
It connects to the Yonge subway line at the Eglinton station and connects to the University subway line at the Cedarvale station.
It is not hard at all to predict that major developments will be happening along this new Eglinton line.
Which part of the line would be the best to invest into?
I would say the stations that are very close to the connection points to the yellow subway line because that’s how you get downtown fast, no traffic, no stress.
These few stations will be the next winning neighbourhood in Toronto.
What about a direct subway connection at these stations?
There are over 2,650 condo corporations in Toronto, how many do you think have direct connection to the subway?
Less than 20!
How much do you think a direct connection worth?
We’ve looked at the resale value of buildings with direction connection to the subway, so it’s based on real data.
People are willing to pay an 18% premium to live in a building with direct connection over buildings that are a few hundred meters from the subway.
If you want to know more about the rising neighbourhood or buildings with direct connection to the subway, you can schedule a call with me.
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