When a real estate investor is looking to purchase a home or a new condo in Toronto, there’s usually a very personalized laundry list of what that house or condo needs to have in it for it to be an appropriate choice for each buyer type. The factor that usually trumps any itemized list however is location.
When living in a big city such as Toronto, a primary location related factor that is most often tied to general area is how close the property is to the public transit system. Many homebuyers, especially downtown condo buyers, are looking for a place that is located very close to the subway so that it is easier for them to get around. More often than not, buyers are willing to give up a larger space in order to afford a place that provides convenient transportation options.
The one caveat to living close to the subway is that the prices for the properties are always going to be a little more expensive. A recent study found that condos located near a subway were 14% more expensive.
Map searches such as those found on CondoNow.com are a great resource, as they overlay all the new condo developments on a map also showing all the main subway lines. You can even see all the GO Transit Lines, Proposed LRT including Mississauga and Markham, as well as the TTC Subway Extension.
As Toronto continues to expand, so to does its transportation infrastructure. Condo developers are already concentrating on placing new developments in areas where future subway lines are being planned.
Seasoned investors are also looking to these areas as well. The potential for significant increases in property values is high in these areas. Current price levels have significant room to move once these new subway stops and train stations are in place. Knowing where these new stops will be located can be used as a key factor to compare to new condo developments. Sites like condonow allow you to easily complete this type of investment research.