A report compiled by Strata.ca has found that condominiums located along the coming Crosstown LRT line running on Eglinton Avenue have dramatically outpaced other areas within the city by a staggering 135 percent.
This data was pulled from the last decade of sales from 2011, which is when construction began on the Crosstown LRT, and totalled the average cost per square foot (PSF) within 900 metres of all 25 stops on the route.
For example, the average cost PSF around Scarborough’s Kennedy station was $212 in 2016 and is now $500. Around Ionview station, condo values have skyrocketed in the same time period by 134%. The westerly portion of Line 5, properties surrounding Mount Dennis station have seen an increase of 67% since 2016, while Keelesdale, and nearby condo prices increased by 103%.
Cliff Liu, a broker at Strata.ca, says those who own property along Line 5 will benefit the most. “If you own in an area that has yet to be gentrified, you’re definitely at an advantage. It may take several years, but the Eglinton Crosstown will breathe new life into these traditionally overlooked pockets.”