Homeowners and renters are willing to pay more to live closer to work, hoping to avoid long, stressful and expensive commutes. This makes proximity to transit and highway options a key driver for Canada’s housing market.
It’s actually a global phenomenon; in London, home values rise £1,000 for every minute less that their owners have to spend on the tube daily; in Los Angeles, values of apartments and houses located a quarter to half a mile from rapid transit are 103.5 per cent higher; in Dallas, properties served by rail increase 39 per cent over those not served by rail, according to the Real Estate Investment Network (REIN).
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