13 Nov CMHC finds Toronto commuting costs can outweigh cheaper suburban house prices.
Original article via CBC. Click here to read.
In the Greater Toronto Area, the added cost of a long commute often outweighs the savings from cheaper housing in the suburbs surrounding the city, according to a new study from the Canada Mortgage and Housing Corporation.
Homeowners attracted by the affordability of a house with a plot of land in a bedroom city can save money by commuting by public transit, the study found, but then the trade-off is the cost of your time as transit commuting takes longer than driving.
“It’s important that people are looking at the cost of commuting when they’re considering the cost of carrying a home,” said Andrew Scott, a senior analyst with CMHC.