Most homebuyers in the Greater Toronto Area want to live in an area where they are less dependent on a car, even if that means they have to settle for a smaller house, according to a new survey. Toronto is Canada’s largest city and notorious for its terrible traffic jams and expensive homes.
Home prices decline as one moves outward from the city centre. Homes in the suburbs are more likely to be free-standing and to have a yard.
Living in a ‘location-efficient’ neighbourhood where they can walk to stores, restaurants and rapid transit was the choice of 81 respondents in the survey by the Royal Bank of Canada and the Pembina Institute, a non-profit think tank.
That preference is strongest among those aged 18 to 34, the fastest-growing age group in the province of Ontario. Only 19 per cent of respondents would choose a large home with a yard where they would have to spend more than 30 minutes commuting.
It’s estimated that by giving up one car in a household, it’s possible to save $200,000 over a 25-year period.
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