Property Near Transit Worth 30% More
Location location location! When it comes to real estate we all know that location is paramount. A new study in Toronto focusing on the downtown core has confirmed this. The study from Avision Young determined that condominium towers within 500 meters of subway stations sold for 30% more than condominium towers more than 500 meters away! 30% is a substantial margin. The study suggests that the millennial generation desires to be close to transit because they often don’t own a car. 500 meters seems to be the distance that people are willing to travel. Any further and real estate values drop and vacancy rates increase.
Momentum Developments is certainly following the trend of developing close to major transit nodes. In fact, it’s one of the principles of our business. Both 1Victoria Condominium and One Hundred Condominium are within a 400 meter walk to the new Transit Hub. 1Victoria is literally kitty corner to the hub! We have certainly seen many millennial buyers and the access to the new LRT and GO Train to Toronto is a major draw.
The full article can be found on the Financial Post: