In Ontario, how does proximity to a Toronto Transit Commission (TTC) subway station typically affect residential property values?
Correct Answer
B) It generally increases property values due to improved accessibility
Proximity to TTC subway stations typically increases residential property values in Toronto due to improved accessibility and convenience for commuters. This transit accessibility is considered a positive location factor in property valuation.
Why This Is the Correct Answer
Option B is correct because transit accessibility, particularly subway proximity, is a well-established positive location factor in property valuation. In Toronto's real estate market, properties within walking distance of TTC subway stations consistently command premium prices due to the convenience and cost savings they provide to residents. This accessibility reduces commuting time and transportation costs, making these properties more desirable to buyers and tenants. Real estate appraisers and agents routinely consider transit proximity as a positive adjustment factor when conducting comparative market analyses, and market data consistently supports higher values for transit-accessible properties.
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