The proposed expansion of the Toronto Transit Commission’s Spadina line to Vaughan will be a major catalyst to population growth, driving up resale values by as much as 20 per cent along the corridor, says a 27-page report released yesterday.
The six-station expansion is the top choice to benefit from future transportation changes in the Greater Toronto Area.
The study, The GTA Transportation Effect, looks at how transportation changes affect housing values.
The TTC plans to build new stops, starting with an extension to York University and ending at Vaughan Corporate Centre by 2014.
Analyst and study author Don Campbell estimates the biggest effect would occur within an 800-metre radius of planned stations.
Demand will drive growth in the area until 2020 (five years past the completion date of the stations), Campbell forecasts.
The Sheppard West region will see particularly strong demand because of the planned TTC station and the potential for a GO train stop in the area, says the report.
“If the market goes up everywhere, these areas will increase by 10 to 20 per cent or more. If values in the GTA drop, these will drop by 10 to 20 per cent less,” Campbell says.