For a house to cost $1 million, though, it has to check off a few crucial boxes. First and foremost, according to many looking for a new home, is location.
Andrew Roper is hunting for a home this December. He's one of the Toronto home buyers willing to pay $1 million for the right home. But he has one overarching condition: "I want to be within five to 10 minutes walk from nearest subway."
The average detached home in Toronto fetches nearly $935,0000. But more homebuyers seem to be factoring commute times into their purchasing decisions.
"Transit is playing a big role, absolutely," said Lisa Patel, owner of the Property Princess. "Do we want to be sitting on the road? Or do we want to be in something that's going to be convenient [for getting around]?"
Proximity to transit, says Gary MacRae, a sales representative at Sandra Rinomato Realty, is a big driver of house prices. Many homebuyers want that proximity, but don't necessarily realize that is what's driving up the price of the address.
"Everyone wants public transit availability, whether they walk or take a short bus ride to a subway station. A lot of times they don't realize that with that comes a higher price tag because of the convenience."
The supply of houses for sale is typically limited this time of year. Which is why Roper is willing to buy a fixer-upper — as long as it is, as he says, in the right location.
Click the yellow house icons to see the home prices and descriptions of these homes near subway stops.Suggest a correction