There are a few things that drive home buyers to double (or triple) their commute times, expand their budgets or even consider moving houses in the first place. Living next to a top school is the number one driver.
With so much attention paid to schools, it’s no wonder why buying in the best school districts has long been a rule of thumb in real estate and for families with children.
With that in mind, we looked at the highest ranking public schools across the GTA, as rated by the Fraser Institute, and calculated home prices within each of their boundaries.
See our findings below!
Best Schools in Toronto
Toronto is the only city in the GTA to have public schools that scored a perfect 10/10 in the study.
Best schools in Richmond Hill
Best schools in Mississauga
Best schools in Markham
Best schools in Oakville
Best schools across the GTA
The second best school in terms of affordability is Mountview Junior Public School in Hamilton, as detached homes within eligible distance from the school sold for $475,708. The school received an 8.2 rating by the Fraser Institute.
House hunters across the GTA can, on average, expect to a pay premium of around $267,000 (36%) for detached homes that fall within the boundaries of the metropolitan’s best school districts.
In the same vein, semi-detached homes next to the best schools cost an average of $100,000 (20%) more expensive than the GTA average, while the gap for townhomes hovers around $147,000 (34%).
Condos however are unique, even when they are next to the top performing schools, they largely sold on par with the GTA average. That’s good news for families who are opting for a condo lifestyle over a traditional single family home.
When delving deeper and looking at the results on a city by city basis, the numbers become far more revealing.
As we anticipated, Toronto saw the largest price gap between average city house prices versus those next to the best public schools, at more than $200,000 for single family houses. In contrast, the price gap was far less pronounced in much of the suburban GTA – never crossing beyond 20%.
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