Are Homes by Transit Stations Worth Less?
Published on 29 August 2022, 07:22:56 AM
Homes by transit stations have a mixed rap for a reason.
All that constant noise and flurry of activity can not only disrupt your day. The International Commission on the Biological Effects of Noise says it could give you a heart attack. Even obesity and diabetes may be blamed on traffic noise.
If annoyance, disrupted sleep, and psychological stress are giving occupants of homes by transit stations a fit, why are developers building more and more apartments and condos beside major transit hubs?
Which raises the obvious question – are homes by transit stations worth less?
How noise affects your health.
Why New Homes Are By Transit Stations
Climate change is partly to blame for the rush to buy homes by transit stations. It’s a “greener”, cleaner way to live, work, and play.
You’ve read about Toronto’s Transit-Oriented Communities Program (TOCP)? Densification strategies like TOCP, the tendency to build massive condo towers on small building lots to create more homes by transit stations, play their part.
Then there’s Canada’s 2022 federal budget. Provinces and territories lost transit revenue from Canadians staying at home during COVID. They get funding to make up transit shortfalls by accelerating efforts to help municipalities build more housing.
Why the Location of a House is Important
Surprisingly, neighbourhoods with a future (near transit stations) can be worth more than “nice” or safe communities, or even how modern your home is. Buyers can always change the house. They just can’t change the location (cheaply).
Spectacular views, like a beach, mountains, or city skyline, make your location more important than the house. So does living in a thriving, vibrant neighbourhood on an upward swing.
Developers know what their buyers want. Today, that’s urban neighbourhoods with homes by transit stations. See Ottawa’s plan to build 24 new transit stations.
Who’s Buying Homes Near Transit and Why?
What goes into buying a new home in Ontario isn’t necessarily what you think.
You worry about, “how do I sell my house next to a busy road?” Buyers worry about how long their commute takes, or how far the nearest market is. They wonder if the neighbourhood will hold its value when they go to sell. Homes near transit stations give house hunters optimism.
Buying homes near transit lets owners commute to school, work, shopping, and services without having a car-centric lifestyle, or the expense. Savings on gas, parking, and maintenance can be reinvested in travel or recreation, and planning big-ticket projects, like redesigning the kitchen.
Common questions you ask our real estate lawyers.
Like students, downsizing seniors, adults with disabilities, and young families are often on a budget. Homes near transit stations are way more attractive if you need to get around quickly, without the hassles of a car or SUV.
The Downside of Homes By Transit Stations
You’re right to think twice about noisy locations.
The louder traffic noise gets, the more hypertension, and strokes and heart attacks, go up. A steady 70 to 80 decibels (dB) is annoying: it could damage your hearing. A constant thrum of traffic at 80 to 85 dB just gets tiresome.
A New Jersey study found heart attacks were 72% higher in areas with heavy traffic noise exposure. It’s more than just the fumes. Chronic stress can change the inner lining of arteries and blood vessels, and spark adrenaline-related inflammation that leads to heart disease.
What to look for when buying a new home from a builder in Ontario.
Besides just plugging your ears, what can home sellers and buyers do? Retrofitting windows or hanging noise-reducing curtains actually does work. How well insulated, and sound proof, a home is can make the difference between a desirable location, and way too much noise for comfort.
Why You Need a Real Estate Lawyer
Before you sign that offer to purchase property near a transit station, call Axess Law. Our remote real estate lawyers go over your draft or signed agreement of purchase and sale to see if crucial clauses giving you the right to cancel without penalty are included.
Why a buyer’s right to cancel clause can save you grief.
Cancelling a real estate contract without due cause can cause financial and legal headaches for everyone concerned. Stop problems before they occur by hiring an Axess Law lawyer for your next real estate transaction.
What to look for in an agreement of purchase and sale in Ontario.
Need more time to get a mortgage loan, or professional home inspection didn’t go the way you planned? Our professional legal team negotiates with the seller’s lawyer to extend the completion date, or include minor repairs by amending your agreement.
Long-forgotten disputes, or rights of way can get in the way of concluding your real estate purchase. Axess Law searches title to your new property before transferring it to your name, or adding family members to a house title.
Discharge mortgages you no longer need, or signing new mortgage documents goes quickly when you use Axess Law. We have virtual lawyers for remote real estate closings, and in-person appointments in Greater Toronto Area or Ottawa.
Protect your property title from mortgage fraud.
Affordable Real Estate Lawyers, Anywhere You Are
Access lawyers for less in Greater Toronto Area, Ottawa, or anywhere in Ontario when you buy, sell, or transfer property. Axess Law’s flat fee real estate lawyers are affordable, and our rates are all inclusive (excluding taxes, disbursements, and third-party charges). Axess Law offers you only the legal services you absolutely need. Your final invoice includes no surprises or hidden charges. Your itemized statement of adjustments is explained when we deliver it, and we answer any questions you have about it.
Hiring a real estate lawyer.
Virtual Real Estate Lawyers for Less
No more worrying about making legal appointments on time when you use Axess Law’s virtual lawyer services. Our remote real estate lawyers connect with you online, via video conference call, anywhere in Ontario. We review your offer to purchase, and witness your signature online.
You get an emailed copy of closing documents for your records. Axess Law uses secure, confidential video conferencing software to verify your identity, and protect your privacy.
When to use a virtual real estate lawyer.
Book Virtual or In-Person Appointments Today
Call Axess Law for affordable real estate lawyer services when you buy or sell property in Ontario. Make day or evening appointments, 7 days a week, by dialing our call our 647-479-0118 lawyer line, toll free to 1-877-522-9377. Booking online is a breeze with our easy online web form. We have onsite parking at our Greater Toronto Area and Ottawa locations, and major transit nearby.
