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RSS FeedsCommuting costs eat up house savings in many GTA communities, study finds
(The Star Movies)

 
 

14 november 2018 05:29:34

 
Commuting costs eat up house savings in many GTA communities, study finds
(The Star Movies)
 


It’s called “driving until you qualify” and it’s the trade-off a growing number of Toronto-area residents are making — commuting longer distances in exchange for the lower carrying costs of a suburban home. But a new study from Canada Mortgage and Housing Corp. (CMHC) released Tuesday provides fresh evidence of what many have long suspected — that the cost of commuting into Toronto actually eats up the savings homebuyers seek by locating in 905-area communities such as East Gwillimbury, Newmarket, Mississauga, Whitchurch-Stouffville and Caledon.In the study that is based on 2016 census data and median GTA housing costs, some consumers still came out ahead in relatively low-priced housing markets such as Oshawa and Clarington. In Georgina, for example, the monthly carrying cost of a house was calculated at $2,476, compared to $4,319 in Toronto, and the cost of commuting was $1,079 per month versus $115 in Toronto.Moving outside the city isn’t always about money, said one of the researchers behind the report, titled GTA Location and Commuting Choices: The Effect of Commutes on Lower Priced Suburban Housing.“There are other factors like the environment or they have family reasons or they prefer bigger property sizes and the amenities some of the suburbs offer,” said CMHC senior analyst Andrew Scott.That is likely the case for commuters in places such as Richmond Hill where the report put the cost of housing higher than Toronto — $6,047 a month — in addition to $311 more in commuting costs.Read more:Condos alone withstood housing correction, Re/MAX saysMoving to Toronto suburbs rarely saves cash, housing agency saysHouse price gains largely bypass the 905In Burlington, the researchers calculated a small difference in overall costs with combined housing and commuting costs of $4,216 a month — only about $200 more than the $4,424 of Toronto — but with an additional 23 hours a month of commut ...


 
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