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 undeniably high up on that list.
With so much attention paid to schools, it’s no wonder buying in the best school districts has long been a rule of thumb in real estate and for family house hunters.
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
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 in eligible distance from the school sold for $475,708. The school received an 8.2 rating from the Fraser Institute.
The best schools in Brampton, which are notably missing in this study, were not factored in due to the fact no public school in the city was awarded a rating of at least 8 by Fraser. Although it’s worth noting, many private and Catholic schools did receive high grades from the research institute.
House hunters across the GTA can, on average, expect to a pay premium of around 36% for detached homes that fall within the boundaries of the metropolitan’s best school districts.
In the same vane, semi-detached homes next to the best schools cost an average of 20% more than the GTA average, while the gap for townhomes hovers around 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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