It’s not cheap living in the city of Toronto.
Earlier this summer, we calculated that it cost a total of $3,093.63 per month to live comfortably in downtown Toronto, and that’s when renting.
And with the average home price costing $864,228 in Toronto, many are looking to the suburbs for better deals on real estate.
Brokerage website Zoocasa looked into the cost of the average home along the Go Transit line in the GTA. According to the website, the average Toronto household earns a median income of $78,280, which would qualify for a maximum mortgage amount of $545,692. And the much higher actual home in Toronto cost is driving home buyers out of the city.
While it’s driving them out, buyers look for homes in which they can commute from easily in and out of downtown, which is where Go Transit comes in.
Zoocasa states that an estimated 250,000 riders take the train or bus to Union station each week, with ridership estimated to grow by another 50 per cent by 2020. This will only go up as the Moving Ontario Forward Plan is built, and the new Go Regional Express Rail is implemented.
So with that in mind, what’s the current cost of homes along the Go Transit lines?