At this very moment within the vicinity of my house in the west end of the city the Gardiner is down two lanes each direction (and will remain this way for the next two years), Dufferin Street is down to one lane only going north and Bloor Street is down one lane going each direction for road resurfacing. This is not to mention the various other road construction taking place within the same vicinity. The road closures are causing stress, road rage and are influencing many peoples lifestyle. A new study states that at 32.8 minutes Toronto has the longest commuting time of any Urban regions in Canada, 7 minutes longer than the national average. The study also states that it takes 45 minutes or longer on average for commuters to get to work.
Road construction and lack of suitable transportation is a way of life for anyone living in the GTA and many buyers are rethinking the type of home they want and its location. Sellers are also thinking twice about moving out of the core. Your commute time is a huge consideration before you sign an Agreement of Purchase and Sale so make sure you consider the following about your homes location:
- Is a car necessary for you to get to work?
- Are you walking distance or have easy access to any Subway lines?
- Are you close to any 24 hour TTC routes?
- If you are looking for a suburban home is it a short drive or walking distance to GO Stations?
Like interest rates and lack of inventory, transportation is a key factor in rising house prices and something house buyers should consider before making any long term investments.