Homebuyers increasingly want to live in more walkable and livable neighbourhoods. Yet in urban centres like the Greater Toronto Area, those looking for a family-friendly home often move to car-dependent suburbs with lower home prices. That raises questions about how homebuyers make their decisions. Specifically, what happens when location-related costs are added to the “sticker price” of a home?
This report approaches that question through the eyes of four Toronto-area homebuyers, who have been used as case studies. It analyzes the costs and benefits of various home locations, taking into consideration factors such as home price, transportation costs, commuting times, walkability and livability. The result is a quantitative illustration of what location costs mean for homebuyers.